Atlanta Real Estate Tips

How To Sell Your Home

TERMS TO KNOW

Abstract of title
A history of ownership of a property and any documents that affect the title during the ownership.

Appraisal
An opinion by a licensed real estate appraiser about the fair market value of a home.

Broker
A person who has a real estate broker's license, who not only makes real estate transactions for others in exchange for a fee (or other consideration), but who may also operate a real estate business and employ sales professionals and other brokers.

Buyer pool
The entire market of prospective home buyers in a specific area who are looking for a type of home.

Clear or marketable title
A title that does not have any liens or claims against it that would keep it from being transferred, put the buyer in a position to sue for property rights or be obligated for claims.

Closing or settlement
The date that the buyer and seller exchange funds and property.

Deed
The legal document that is used to transfer the title from one owner to another.

Earnest money
Money deposited by a potential buyer to show his/her seriousness about buying.

Equity
The amount of ownership that one has in a home.  Equity is the sale price minus selling costs and the remaining mortgage principle.

Exclusive right-to-sell contract
A listing contract whereby the real estate broker has sole right to sell and receives a commission, regardless of who produces the buyer.

General warranty deed
The type of deed considered to provide the most protection to an owner, since the seller guarantees that he or she is the true owner of the property and that no claim will be brought against the property.

Listing contract
A contract with the broker or firm you hire to represent you in the sale of your home, according to the terms of the sale that you specify.  In exchange for producing a ready, willing and able buyer for you, the sales professional is paid a commission.

Multiple Listing Service (MLS)
A networking system, in which a number of real estate firms share information about their clients' houses that are for sale.

Offer to purchase, purchase offer, earnest money agreement or contract of purchase, deposit receipt
A document that lists the price, conditions and terms under which the buyer is willing to purchase the property.

Offer to purchase and acceptance, contract of sale or sales contract
An offer to purchase that has been signed by both buyer and seller.  A firm contract that outlines all details of the property transaction.

Realtor®
An active member of a local board of realtors.  Local boards are affiliated with the National Association of Realtors®.

Title
The right to ownership in real estate, which is transferred by a deed.

Title search
Checking all the records relating to the title.

Title insurance
Insurance, usually paid through a single premium at closing, that insures the owner against loss because of a claim against the title that was not found in the title search.

Critical Elements of a Sale
Making it easier on yourself
Starting with you, the seller
Setting the price
Marketing your home
Showing your home
An offer to buy
Closing and possession