Real Estate "Lingo"
| Real Estate Lingo | Definition |
|---|
Seller
(or Vendor)
| owner of home |
| Buyer (or Purchaser) |
person(s) who want to buy a home |
| Go Direct | the owners will be home and will open house for showing |
| Showing | to view the home |
| "ELF'S" |
Electric Light Fixtures |
| Extra's | what is included in the sale price of a home, ie. Fridge,
Stove, Washer, Dryer, etc. |
| Updates | what are the recent updates or improvements made on the home, ie. new (or newer) roof, furnace, etc. |
| Testimonals | references or reference letters from clients ie. stating what the purchaser or seller was pleased with the services of their real estate agent |
"offer"
or an "Agreement of Purchase and Sale" |
making an offer on a
home to purchase it for the price you want or the value of what you think the home is worth |
| offer accepted |
both the seller (owner of the home) and the "buyer" have agreed on a price for the home. Essentially:
- the seller is satisfied with price he/she is willing to sell their home at.
- the buyer is satisfied with the price he/she will pay for the home.
|
| "sold conditional" | the house already has an offer accepted
and it is conditionally sold on:
- financing
- home inspection
It should be noted, that a house can be sold with both "finacing" and or
"home inspection".
As well, 99% of the time, the house will be sold "firm". (Sold Firm explained
further down the page)
|
| conditionally sold on financing | an offer on the house
has been accepted, however the "Buyers" or "Purchasers" are getting approval
from the bank, that they (he/she) can afford the home.
Once the "Buyers" or "Purchasers" are approved by their bank, then a "Waiver"
is signed. *Waiver explained further down on the page. |
| conditionally sold on home inspection |
an offer on the
house has been accepted, however the "Buyers" or "Purchasers" will get a "home
inspector" to inspect the home, ie. everything from:
- roof
- furnace, etc. To ensure that the home is a good "solid" property and there
are "no surprises"
Once the "Buyers" or "Purchasers" are approved by their bank, then a "waiver"
is signed. *Waiver explained further down on the page. |
| Sold Firm | an offer has been accepted on a home, with no conditions (ie. home inspection or financing, accepted at the price submitted. |
| "waiver" | another document like the agreement of purchase and sale
(offer), now waiving "goodbye" to the home inspection and/or financing - as you
have been approved for financing or had an home inspection and you are happy
with the home |
| closing date | the date you move into your new home. |
| irrevocable date | a set time and date an offer on a home expires |
| "GB&E" | Gas Burner and Equipment (furnace and vents in home) |
| Broadloom | Carpet |
| Above Grade Windows | Windows at ground level (in basement), meaning sunlight exposure for basement |
Questions or comments,
please email to above address, we would love to post your inquiry or comments on
this information page.
