Article: Real Estate Terms ? From Appraisals To Comps
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Real Estate Terms ? From Appraisals To Comps
When you?re selling your home or other real property on your own, you don?t have to know everything about the process. It does help to have a practical knowledge of the terms that come up during the process.
Keep in mind, these aren?t intended as ?be all, end all, penultimate? definitions. They?re working definitions for pragmatic folks. Let?s go?
1) Acceptance - A legal term referring to the acceptance of a buyer?s offer by the seller. Acceptance is often preceded by a number of counter offers between the parties.
2) Appraisal ? a professional opinion of the value of real property. Most jurisdictions have careful rules defining who may call themselves an appraiser, and most lenders have a ?stable? of approved appraisers whom they use regularly....
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