Each MLS is a private database maintained and paid for by an organization of real estate brokers and agents. Multiple listing services range in size from covering small regions to multiple states, and some markets are covered by more than one MLS. In recent years, the number of multiple list...
In real estate, a conditional offer is a condition of sale that is agreed upon by both the buyer and the seller. The time frame set is important when it comes to such offers because if the condition isn't met within the specified time, the agreement is void and the buyer receives the ...
An "estate" is a large property, often with significant land and grand buildings, while a "home" refers to any residence where people live, focusing on the personal and emotional connection to the place.
Once all contingencies are settled (or if there are no contingencies in the first place), the home sale is pending. The seller can't back out of the sale, unless the buyer fails to meet a contractual obligation (such as if their deposit fails to clear). However, they could still receiv...
Impact on Appraisal Contingency:In real estate transactions where an appraisal contingency is in place, the use of seller credit can affect the appraisal process and potentially jeopardize the deal if the property does not appraise for the purchase price plus the credit amount. ...
Trusts: A trust is a legal agreement that allows a third party—known as a trustee—to manage assets on behalf of your beneficiaries. When you set up a trust, you place certain assets in it, like money or property. At the time of your death, your trustee will pass the assets to your...
TLC Real Estate Meaning Should a home need TLC, you can assume this means that you'll need to have some type of repairs done. However, the actual amount of work necessary can vary heavily depending on the property. While looking at photos of the place and visiting it in person ...
item or object that is permanently attached or affixed to the property in some way — either part of the house itself or the surrounding grounds. It may not have been part of the original structure, but it’s been installed to stay in place; in other words, it’s not easily portable....
After the wholesale real estate contract is in place, the wholesaler attempts to find an interested investor. Once found, the wholesaler reassigns the contract to the investor at an agreed-upon higher price. The difference in prices is known as the wholesale fee and can be 5% to 10% of the...
Industrial real estate is a subdivision of commercial real estate and includes property where manufacturing, warehousing, production, and assembly take place. Real Property Real property is a less commonly used term and as such, is a less commonly understood concept. Real property is a broader term...