A net listing is when an agent agrees to sell an owner’s property for a set minimum price. Anything over the minimum price belongs to the...

A mortgage lien is a voluntary, specific lien. In fact, it’s the most common type of voluntary real estate lien. When you borrow money to...

A listing agreement is a document in which a property owner contracts with a real estate agent to find a buyer for the owner’s property....

A land trust is a legal agreement in which a property owner transfers the title to a property to a trustee. Considering a career in real...

When a property is owned by joint tenants, the interest of a deceased owner automatically gets transferred to the remaining surviving...

Non-homogeneiety is when houses in a real estate development are different. If something is non-homogeneous, it indicates a lack of...

A lease that determines the rental prices by evaluating the annual consumer index and determining fair rental price. Considering a career...

When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property...

Days on Market (or DOM) measures the number of days between a property being actively listed for sale and the contract being signed by...

HOA’s are private organizations that take charge of general maintenance and governance of areas of property, usually for condos or gated...

A home inspection is carried out by a qualified third party to determine the state of the property and identify if there are any major...

A contingency is a part of the agreement that must be met, otherwise the other party can cancel the contract. For example, a buyer...

When buying or selling a house, there is likely to be a real estate appraisal when getting a home loan through a mortgage lender. Lenders...

A home appraiser is a qualified individual who determines the value of a home, usually either to assess property tax or as a basis for a...

The walk-through usually refers to the final tour of the property a buyer takes right before the closing. The goal is to ensure the home...

A real estate purchase contract or REPC (pronounced “rep see”) is a legally binding document that outlines the terms and conditions of a...

Contingencies are clauses in a purchase and sale agreement specifying an action or requirement that must be met (or met within a certain...

When a buyer and seller agree on a purchase agreement, the home moves to “under contract” status. This means both parties are legally...

A title shows ownership of a property. It differs from a deed in that a deed is a physical document and a title is not. Title represents...

A Seller’s Disclosure is a legal document sellers must fill out stating any home defects that may affect its value. Requirements on what...