Definitions Of Popular Real Estate Phrases In Franklin, TN

The real estate process is complex enough to begin with. Real estate phrases can make it even more confusing, especially if you are a first time buyer. Below are definitions of popular real estate phrases in Franklin, TN. This may help you better understand the buying and selling process.

Definitions Of Popular Real Estate Phrases In Franklin, TN

Comparative Market Analysis

A Comparative Market Analysis (CMA) is a document that compares your home to similar homes that have recently sold in the same area. It typically details a price range based on the current market conditions.

MLS

MLS is an acronym for Multiple Listing Service. This is a system where members of the MLS enter homes for sale. States generally have different MLS databases, and some regions can have multiple ones. Non-real estate agents are not granted direct access to the database but can receive access through places like my website or our MLS branded app.

Assessment Valuation

This is the dollar value assigned to homes by a public tax assessor and for the purpose of calculating property taxes. Assessed value has no relation to the selling price of a property.

Walk-Thru

Walk-thrus normally take place just before closing. It allows a buyer to take a final look at a home and to ensure that the condition has not changed from the previous time the buyer inspected it.

Agreement Terms

Contingency

A contingency is something required for an individual to proceed with a property sale or purchase. For instance, the purchase might be reliant on the sale of their existing home. Other common contingencies are for completion of a home inspection and receipt of a home loan commitment.

Trust Money

Trust money (formerly known as earnest money) refers to funds given by a buyer with an agreement to purchase a property. It states that a buyer is moving forward in good faith. Deposits are usually retained by the listing agency or title company on behalf of a seller and credited to a buyer at closing.

Real Estate Closing

A closing is when paperwork is signed, money is exchanged, and a property officially changes hands from the existing owner to a new owner. Contracts normally indicate a closing date and place.

Additional Real Estate Phrases

This blog lists definitions of popular real estate phrases in Franklin, TN and entails only a few basic terms. For more detailed real estate information and advice, contact Jim Eaton