2017 has begun with quite a shock from Zillow (the primary marketing platform for our listings). The future of the Zillow MLS relationship - and Zillow itself - is now far from clear. Without Zillow MLS Cooperation, Zillow - and Innovation? - to Crater in Seattle I remember the day Zillow launched. Back then change in the [...]
We're proud to launch our brand new Real Estate Glossary! It takes the confusing and confounding terms of real estate and gives them easy-to-understand, real world explanations. At least that's our intent! Think we could do a better job? Know of a term we should add to the real estate glossary? LET US KNOW! :-) [...]
The final step in a real estate transaction. At Closing, the deed from the seller to the buyer is recorded; all fees, costs, and taxes are paid, pro-rated through the closing date; all liens against the property are paid; and the balance of the buyer’s funds are released to the seller. Worried about your schedule [...]
The person charged with and responsible for enacting and completing the terms of the contract, who works in the escrow office. The Closing Agent ensures that the buyer’s funds are received, the deed is recorded (transferring legal ownership to the buyer), a title insurance policy is issued, and all costs and taxes are paid, before then releasing the remaining funds [...]
Recently sold properties of similar age, style, condition, and - most importantly! - location. The closer the similarities, the better the comp. Comps provide the basis for a Real Estate Broker’s analysis of value and are the basis of a Comparative Market Analysis.
In its simplest sense, a legally enforceable agreement. Generally, it can be oral or written. However, a contract for the sale of real property (at least in WA) must be written. In addition, it must include a legal description of the property. The local MLS form is entitled "Purchase and Sale Agreement" so that phrase - [...]
Terms that apply to the owner of a property that is subject to them. CC&Rs are set out by a written document that is recorded with the county. Common restrictions include the exterior appearance of the home (remodels may be subject to a Architectural Review Committee's approval) and how the home may be used (e.g. [...]
A contractual term that requires a certain act or event before the contract becomes binding on one party, usually the buyer. Common contingencies include the Financing Contingency, the Title Contingency, and the Inspection Contingency. Depending on the terms, the contingency may allow the buyer to walk away with a return of the earnest money (most commonly [...]
Costs incurred and paid at Closing. Both the buyer and the seller incur Closing Costs. Examples include the escrow fee, the costs of title insurance, and recording fees. For the seller, Closing Costs are paid out of the proceeds of the sale. So they are no big deal for the seller. The buyer, though, has [...]
The real estate broker who is at least part owner of the real estate firm and who ultimately is responsible for the conduct of all real estate brokers licensed through that firm. In Washington, Designated Broker is the legal term and is defined by statute.