Contract Corner
Prior to showing a Buyer a property, agents must discuss what two documents?
What is Understanding Whom Agents Represent and Exclusive Buyers Agency
This type of loan allows homeowners to borrow against the equity of their homes.
What is a Home Equity Loan
This type of property is a standalone structure often featuring a yard and garage.
What is a single-family home?
The type of account is used to hold funds during a real estate transaction until the sale is complete.
What is an Escrow Account
This is the legal process of transferring property from one owner to another.
What is Conveyance
Maryland law requires this specific disclosure form for homes built before 1978.
What is Disclosure of Information on Lead Based Paint
This is the percentage of the loan amount that the borrower pays to the lender each year
What is the Interest Rate
A property with multiple units, like a duplex or triplex, is classified under this type of housing?
What is Multi-Family Housing
This tax is assessed when the title to a property is transferred from one owner to another.
What is a Deed Transfer Tax
In a competitive real estate market where demand exceeds supply, it’s called this type of market?
What is a Seller’s Market
This phrase in a real estate contract emphasizes that deadlines must be met exactly as specified, or the party failing to do so may be in breach.
What is "time is of the essence"?
This type of sale occurs when a homeowner sells their property for less than the amount owed on the mortgage
What is a Short Sale
This term refers to properties that are located on or adjacent to a body of water, often commanding a premium price
What is Waterfront Property
During the closing process, buyers may be required to prepay this tax, which is based on property value and may be prorated at the time of closing.
What is Property Tax
This metric refers to the how long it takes for a property to be sold once it is listed on the market
What is Days on Market
This type of listing agreement, in Maryland, gives only one broker the right to represent the seller, guaranteeing commission if the property sells during the agreement term.
What is an Exclusive Right-to-Sell Listing Agreement?
The method used by the appraisers to compare the sales of prices of similar properties in the area to estimate the value of a property
What is The Sales Comparison Approach
Commonly found in rural areas, this type of property is used primarily for farming or ranching
What is Agricultural Property
This is a percentage of the loan amount paid upfront as a form of insurance to secure favorable loan terms.
What is a Mortgage Insurance Premium (MIP) or Funding Fee
This is a legal right to use or occupy another person's land for a specified purpose, such as access to a road or utility lines.
What is an Easement
Bright MLS requires this form be filled out with every client at the first meeting and must be provided within 24 hour notice of request
What is the Bright MLS Client Disclosure Form
The closing costs typically paid by the buyer include this fee, which goes to the lender to process and approve the mortgage.
What is the Origination Fee
This term describes a residential property that often features larger lots and more spacious homes, appealing to those seeking a suburban lifestyle.
What is a Low-Density Residential Property?
This term refers to the costs incurred by the seller to settle any existing liens or mortgages on the property before closing the sale.
What are Payoff Amounts or Lien Settlement Fees
This term refers to land that has been contaminated by hazardous substances and may require environmental cleanup
What is a Brownfield