In the real estate world, there are a dizzying amount of unfamiliar terms that are used in an already overwhelming situation.
So, we have created a list of 5 of the most common misunderstood real estate terms and their definitions, so you don’t feel like a fish out of water!
According to Open Door, “A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.”
Closing is when a property sale is final. This usually entails when all the required documents and signatures are processed. With that, once the process is completed the buyer is granted access to the property and is the homeowner.
3. MLS or Multiple Listing Services
According to Investopedia “A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another’s listings of properties for sale with the goal of connecting homebuyers to sellers.”
According to Merriam Webster, a sublease is “a lease by a tenant or lessee of part or all of the leased premises to another person but with the original tenant retaining some right or interest under the original lease.
According to Investopedia, an abatement refers to “a tax break offered by a state or municipality offered on certain types of real estate or business opportunities. A real estate tax abatement may reduce a home’s property taxes for a period of time or may grant tax breaks to businesses.”
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