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Real Estate Terminology at a Glance
- COMING SOON: A new listing that will soon be available for showings.
- ACTIVE: A home currently on the market, open for showings and offers.
- UNDER AGREEMENT/PENDING: A home with a signed contract between buyer and seller, moving toward closing.
- SOLD: The sale is complete, all contingencies met, and keys transferred.
- AS-IS: A property sold in its current condition, with no repairs made before closing.
- BUYER’S AGENT: A real estate professional representing the buyer’s interests.
- LISTING AGENT: A real estate professional representing the seller’s interests.
- DUAL AGENT: A real estate professional representing both buyer and seller. Not recommended.
- SETTLEMENT/CLOSING: The final meeting where the deed is signed, ownership transfers, and loan documents are finalized.
- CLOSING COSTS: Transaction fees for both buyer and seller, typically around 10% of the home's value.
- DOM (Days on Market): The number of days a home is listed before going under contract.
- EMD (Earnest Money Deposit): The buyer’s initial deposit, held in escrow, applied at settlement.
- TRANSFER TAX: A 2% tax on home sales in PA, split equally between buyer and seller.
- TITLE COMPANY: A third party ensuring the property title is clear and ready for transfer.
- CLOSING AGENT: A title company representative who facilitates the closing process.
- INSPECTION: A buyer-hired inspection to uncover potential home issues. Includes options like property, pest, radon, and lead-based paint checks.
- APPRAISAL: A lender-required professional valuation of the home to verify loan worthiness.