- Comparative market analysis (CMA)
- A review of similar properties and market conditions to estimate a pricing range. It isn’t a formal appraisal.
- List price
- The asking price we choose for your home. The final sale price depends on the agreement you reach with a buyer.
- Listing agreement
- The contract authorizing the brokerage to market your home, with the services, duration, and negotiable compensation spelled out.
- Seller disclosure
- Information you provide about the property as required. Accurate answers help buyers understand what you know about the home.
- Net proceeds
- What remains from the sale after mortgage payoffs, selling expenses, credits, and other adjustments. Early figures are estimates.
- Earnest money
- The buyer’s good-faith deposit, held according to the agreement. It doesn’t automatically become yours if the sale falls through.
- Contingency
- A condition in the purchase agreement, such as inspections or financing. The wording and deadlines determine each party’s options.
- Seller concession
- A negotiated contribution toward certain buyer expenses. Loan-program limits and contract terms can affect what is allowed.
- Inspection request
- A buyer’s request following an inspection, often for repairs or a credit. We’ll discuss your response under the contract.
- Appraisal
- An independent opinion of value, often needed for the buyer’s loan. A value below the price may require further discussion.
- Title & lien
- Title concerns ownership rights; a lien is a claim against the property. The title team reviews issues affecting the transfer.
- Mortgage payoff
- The amount needed to settle your existing loan by a specific date. It may differ from the balance on your statement.
- Prorations
- Adjustments dividing expenses, such as property taxes, between buyer and seller under the agreement and closing arrangements.
- Possession
- When the buyer is entitled to occupy the property and receive the keys. It may be different from the closing date.