Understanding Real Estate Terms
There are plenty of real estate terms that need explaining, but you don’t have to know them all, that’s my job! Here’s a few to get you started because, as you may have heard, knowledge is power.
Zero-lot Line: When a home sits right on the lot’s boundary, with little or no space between homes, it is said to have a zero-lot line.- Contingencies: Conditional parts of a contract that usually protect the buyer during a sale. For example, the contract is valid, contingent on a satisfactory home inspection.
- Set Back Lines: Those lines which delineate the required distances for the location of structures in relation to the perimeter of the property.
- Dual Agency: When the listing agent also acts as a buyer’s agent in a transaction.
- Bump Clause: An agreement term that means an offer is only valid if the offering individual is able to sell their current home.
- Turn-key: A home that is move-in ready. Inspections are still a good idea for turn-key homes, but you can be confident that appliances are working, and that there aren’t any major issues with the home.
- Zoning: The right of a municipality to regulate and determine the compatible character and use of property.