The Newburyport MA home buying and selling process is complicated enough – then add the real estate lingo!
Whether you are a first time buyer or not you should familiaize yourself with the definitions on common real estate lingo in Newburyport MA .
Common Real Estate Lingo In Newburyport MA
CMA
CMA stands for Comparative Market Analysis. This is a report that compares your Newburyport MA property to homes with similar features that recently sold in the area. It is traditionally done with a computer program that produces a price range for which your home may sell in the existing market. The computerized CMA compares # of bedrooms/baths, square footage, lot size and a few other things. If you are interested in getting a CMA on your Newburyport MA home be sure that it is not done with a computer program. Homes are unique and have different amenities, styles and conditions that need to be taken in to account.
Assessed Valuation
This is the figure placed on Newburyport MA homes by a local tax assessor and used to determine real estate property taxes. Assessed amounts have no bearing on the selling price of a property and vary widely based on town assessors.
MLS
MLS means Multiple Listing Service. This is where real estate brokers enter Newburyport MA area properties for sale and where they can see everything currently on the market by all brokers. Different areas commonly have individual MLS systems, and some regions may have multiple ones. You must be registered with MLS and the general public is not given direct access but you can gain access thru a partner site by contacting Wellsco.
Walk-Thru
Walk-thrus are typically performed just before a closing. It allows a buyer to preview a Newburyport MA property they are about to purchase and to ensure that the condition has not changed from the last time they viewed it.
Purchase and Sale Items
Contingency
A contingency is a condition that is required to be met before a party may move forward with a Newburyport MA home sale or purchase. For example, a mortgage committment or a home inspection are common contingencies.
Good Faith Deposits
Good faith deposits refers to deposits submitted by a buyer as part of a agreement to purchase a home. It shows that a buyer is serious and is acting in good faith. With an offer you will traditionally see a $1000.00 check made out to the listing agent. Deposits are traditionally retained by a listing agency in excrow on behalf of a seller and credited to a buyer at closing.
Closing Date
A closing is when paperwork is completed, funds are exchanged, and a home legally transfers from one person to another at the Registry of Deeds. Contracts normally have a closing date and location noted.
More Real Estate Lingo
This blog provides definitions on common real estate lingo in Newburyport MA and includes only the most common terms.
For more comprehensive real estate advice, contact a Wellsco Agent.
John Wells at 978-518-1481 or john@johnpwells.com or Heidi Whittier at 617-283-6570 or heidi@johnpwells.com.