Familiarize yourself with some common real estate terms to help the buying and selling process process go smoothly.

If you’re in the market to buy or sell your property, there are many terms that will come up during the process that might sound foreign or confusing to you. If you know familiarize yourself with some of the common real estate terms you will come across, it will help the whole process go smoother. Below are some terms you will need to know.

MLS (Multiple Listing Service) – An organization that collects, compiles and distributes information about properties listed by their members. MLS’s are only local and regional. They cannot be national.

Closing Costs – Entire package of miscellaneous expenses paid by the buyer and seller when the transaction closes.

CMA (Comparative Market Analysis) – A report that shows prices of properties that are comparable to your property and those recently sold, currently on the market or were recently on the market.

PITI (Principle, interest, taxes and insurance) – These are the four monthly components of a monthly mortgage. You’ll need to know these to know what your monthly payment will be.

Contingency – A provision of an agreement that keeps it from being legally binding until a certain condition is met. For example: a buyer’s right to get a home inspection before purchasing the home.

Title insurance – Insurance that protects the lender’s or owner’s in real property from unexpected or fraudulent claims of ownership. A buyer normally pays for the lender’s title insurance policy.

If you have other terms not covered above that you are curious about, don’t hesitate to ask your agent. They will help answer questions and guide you through the process as easily as possible. To find a qualified United Country Real Estate agent near you, visit www.UnitedCountry.com.


This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of United Country Real Estate. Use of this content without permission is a violation of federal copyright law. The articles, posts, comments, opinions and information provided by United Country are for informational and research purposes only and DOES NOT substitute or coincide with the advice of an attorney, accountant, real estate broker or any other licensed real estate professional. United Country Real Estate strongly advises visitors and readers to seek their own professional guidance and advice related to buying, investing in or selling real estate.