Have you ever browsed a real estate website and encountered a wave of unknown real estate terms? All the unfamiliar jargon might appear confusing, especially for first-time sellers. However, brushing up on your knowledge of real estate lingo now will help you spend less time asking for clarification, and more time on what matters most: selling your home.
Oftentimes, these terms can leave most people scratching their head. To save you from potential confusion, we’ve compiled a list of several different real estate terms you should know if you plan on selling your home.
APS (Agreement of Purchase and Sales)
Once a buyer is found, the seller must complete a legally binding contract known as an APS. Details such as the closing date, price and conditions are found on this document. This is the contract that will go between the buyer and the seller until an agreement is reached.
Staging
You might have heard of or seen the term “staging” floating around and wondered what exactly it means. In simple terms, staging is when the seller or a certified Stager prepares the home for sale by organizing furniture and decor to make the space look most attractive to potential buyers. This also includes removing any personal items such as family photos and toiletries. The idea is for the space to look beautiful and neutral so anyone can see themselves living there.
Chattels vs. Fixtures
Chattels refer to any items that are not permanently attached to the property and are typically taken with the seller upon closing. On the other hand, a Fixture is any item permanently affixed to the property. This means anything that would cause damage to the property if removed.
Equity
Equity is the remaining amount of mortgage you owe subtracted from the market value of your home. If you’re not sure of the market value, you can get your home appraised by a certified appraiser or a realtor.
Sold Price & List Price
The difference between the two is that the sold price is essentially the amount of money your house sells for, whereas the list price is the amount you’re asking for.
CMA (Comparative Market Analysis)
A CMA is a report created by real estate agents and brokers, of recently sold properties in the area. It’s used to help determine a listing price based on what people are willing to pay in that area for those particular features.
Being introduced to the language of real estate might seem daunting. However, understanding seller terms is a sure way to ensure the process of selling your home goes off without a hitch. You will be able to sell your home with confidence!
Speak to a KELOWNA REALTORS® today for more information about the SELLING PROCESS and Selling your home in today’s real estate market!