What Do All of those Real Estate Terms Mean, Anyway??

By
Real Estate Agent with Long Realty - Dove Mountain, Marana AZ BR564219000
https://activerain.com/droplet/CX

What Do All of those Real Estate Terms Mean, Anyway??

If you're working with a REALTOR® or real estate agent, I'm sure you noticed we use lots of terms.  Words you don't really use in YOUR every day conversation.

perplexed face

A few of them that come to mind are:

Comparables   Market Analysis   Saturation Rate   Recordation   Signing   COE   BINSR   SPDS   CLUE

We get so used to using them, we can sometimes forget that our clients, our buyers and sellers, aren't really familiar with those terms and abbreviations, and often won't even ask.

 

I'll try to give a very brief definition in regards to Real Estate Transactions in Pima County, Arizona.  Feel free to contact me for a more complete answer:

Comparables are homes that are on on the market for sale, or have been sold - most like YOUR property.

Market analysis is when we take all of those homes for sale, or that have been sold, and compare them to your home, and explain the market value of YOUR home, or the home you are looking to purchase.

Saturation Rate - It's sort of like the number of homes on the market/months of inventory. Example: 1000 homes on the market, and 100 of them sold in the last 30 days/month. That tells us that it would take ten months at the current rate of sales to sell all current inventory or, we have a 10-month supply of inventory.  This is helpful when you want to know how long it might take to sell your home.

BINSR - Buyer's Inspection Notice and Seller's Response:  After a buyer's home inspections and due diligence (research of property) is completed, usually within 10 days of contract acceptance, this form is filled out and sent to the seller stating whether or not the premises is accepted, rejected, or items are disapproved.  It gives the seller a chance to correct the items disapproved or not.

CLUE - part of your due diligence wherein you receive an insurance company's 5 year history of claims on a property. (So you can find out whether or not there was something like a fire, or water damage, etc - that wasn't reported on the SPDS).

SPDS - Seller's Property Disclosure Statement - Sellers are required by law to disclose all known important facts about the property to the buyer.  Failure to disclose can leave the seller with liability.  There are a few disclosures that are not obligatory and are pointed out on the cover page of the document.

Signing is where the buyer and seller meet with the Title and Escrow officer and provide legal proof of their identity, sign the closing documents and have their signatures notarized

COE - Close of Escrow - the end of the legal process involving your property's purchase or sale and at which time you can receive or hand off keys.

Recordation - This is the actual Close of Escrow. and is a legal procedure where the recorder of deeds (Pima County, AZ) "records" a conveyance establishing an individual's claim to a property, making it public record.  It is recorded in the county where the property is located.

So, to answer in print my most-asked question from buyers - "No, you do not get the keys at signing, even though you handed over a check, or wired funds, etc."  Keys are given at Recordation, when the property is legally, and publicly yours - protecting your liability as well as the seller.

Satisfaction

No question is ever too silly to be asked, and I want to assist you in your home buying or selling process.  I like to think of myself as a resource, and if I don't know the answer, I'll find someone who does!  Questions from our clients help us all to grow, and to remember that we didn't always know the definitions ourselves!

What do All of Those Real Estate Terms Mean?  If you have questions you'd like answered, please contact me.  I'm happy to answer by phone, email, or in person.

Posted by

If I can assist you in your home buying or selling in Marana, Tucson, Oro Valley, or Vail, please don't hesitate to call me!  Email at swdeserthomes@aol.com

Cara Marcelle Mancuso, Long Realty,

520-909-2988   

Regarding the material posted in my blog postings, these are my personal opinions and not those of Long Realty Company. 

All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified.

Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.

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Rainmaker
1,312,485
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Very nice post...like all professionals, we get used to our "jargon".   

Jan 06, 2011 04:59 AM #1
Rainmaker
499,243
Shar Sitter
Rooms With Style - Minneapolis, MN
Home Staging and Redesign Minneapolis/ St. Paul, M

It is amazing of the terminology in every industry. That's why it is a good thing to call in an expert to help!

Jan 06, 2011 09:49 AM #2
Rainmaker
232,729
Ken Barker Realtor® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Cara - It amazes me the terms that we throw out there and expect that the sellers and buyers we have know what we are talking about.

And, the people that watch HGTV House Hunters get the wrong impression. We don't hand keys, at least in Calif and Arizona, at signing. We don't but most of the cities that HGTV covers does. And our escrow times are different too. We try for 30-45 days.

Nice list. I did a post a long time ago that introduced consumers to our terms. It is not done enough in our industry.

Jan 06, 2011 10:36 AM #3
Rainmaker
261,840
Barb & Sal Dragotta
Macomb, MI
Macomb County Michigan

Cara....as Ken states above--one could believe that all who watch HGTV are fully informed and are spreading the "words" to all they meet.  The problem with those shows [though I do like some offerings] is that the selling process is too simplistically presented.
Your explanation is very clear and concise.  good idea.
I just have to ask---who posed for those wonderful photos you used.  LOVE them.
Have a great rest of the week.
Barb

Jan 06, 2011 01:49 PM #4
Rainmaker
678,095
Cara Marcelle Mancuso
Long Realty - Dove Mountain, Marana AZ - Tucson, AZ
Call a Marana neighbor, I'm THERE! LONG REALTY

Hi Li - yes, we do get accustomed to the terminology - I think I was much better three years ago even!

Shar - I love your blogs and photos - they truly convey the importance of working with an expert!

Ken - And you know...my buyers are avid watchers of HGTV - must be why they keep thinking they can get in prior to recordation and start remodeling!

Thanks Barb - as always for your support.  My youngest son takes copious photos of the strangest things, and since he visited in December I raided his camera - fodder for years!!!!  :)

Jan 06, 2011 02:31 PM #5
Rainmaker
343,886
Don Wixom
RE/MAX Executives Nampa, ID - Nampa, ID
"Looking out for your next move..."tm

Cara, great reminder for us all to make sure our clients understand our terminology so they feel confident in our actions!

Jan 06, 2011 04:08 PM #6
Rainmaker
3,332,632
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Cara --- well stated --- it's important that we don't use jargon.  If we do use it--we should stop and then offer an explanation of the term and how it will effect them.   We know these terms because we use them often but our clients don't buy or sell a home with that same regularity.   As others have commented, HGTV shows real estate transactions all over the world - in California where I practice, there are different terms and customs than in Canada or Arizona....that's just one of the many reasons we are needed, right?

Jan 07, 2011 04:44 PM #7
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Rainmaker
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Cara Marcelle Mancuso

Call a Marana neighbor, I'm THERE! LONG REALTY
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