Essential Information About Real Estate Buying and Selling
At one point or another, people find the need or desire to purchase or sell a real estate property. But before one engages in this profit-promising pursuit, it is important to gain sufficient knowledge about the ins and outs of real estate investment. One good start is to get to know a few number of real estate terms and their respective definitions.
Agent or Broker: An agent or broker of homes for sale in Arcadia is a real estate salesperson that is most of the times professional and licensed. He or she works by representing the interest of a buyer or seller. He or she looks for a good property in behalf of the buyer or seeks out a potential buyer according to the interest of a seller.
Application Payments: These are a combination of fees that many lending or mortgage companies charge to real estate buyers when applying for a loan. These usually include, but are not limited to, borrower's credit report preparation fees, lender-specific chargers, and property appraisal fees.
Appointments: These are referred to scheduled meetings wherein a real estate agent or broker presents potential properties to his or her clients.
Appraisal: This is referring to a kind of document that contains that opinionated estimate of a professional appraiser about the market value of the property at a given point of time.
Buyer: A person or a company who buys houses for sale in Arcadia. Properties are of different kinds and they can be commercial buildings, residential houses, parcels of land, and so on and so forth.
Carrying Costs: These refer to the costs needed to be incurred for the maintenance of the property. These include property interest, property taxes, property utilities, property insurance and so on.
Closing: This is referring to the finalization of the process or the end of the transaction. At this point, all the necessary documents have already been signed, the deed has been delivered, and the funds have already been dispersed.
Commission: This is the amount of money that is paid to a broker or agent as a compensation for his job. A seller gives a commission to his agent for finding a good buyer for the property held for sale. The buyer, on the other hand, may also give a commission to the agent who helped him look for a good real estate property to buy. Check this post from http://realestate.money.cnn.com/.
Seller: This is an individual person or entity that sells a property to a buyer for a specific price.