What do you do when you meet a Real Estate agent for the first time and by the end of the conversation you did not understand anything she/he said?
Do you go back word by word to get the definitions of all the terms you did not understand or do you just say Yes, Yes.. without really knowing?
To make sure that does not happen, here are my top 10 (+1) most common terms that RE agents use starting with the letter B:
bill of sale
A written document that transfers title to personal property.
A broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.
A secondary bid for a property that the seller will accept if the first offer fails.
A legal term that refers to actions or persons that are honest and in good faith.
The dividing line between two adjacent properties.
Breach of contract
The failure to perform provisions of a contract without a legal excuse.
A permit issued by a local government agency that allows the construction of home or renovation of a house.
A small one-story house or cottage.
A slow real estate market in which buyers have the advantage.
An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.
The rules and regulations that a homeowners association or corporation adopts to govern activities.