Some General Real Estate Terms (post 2)
This is my second post on real estate term. See my previous post for other terms. This posts terms are: Home sale contingency, MLS, HOA, and subject to home inspection. First is home sale contingency. When a buyer puts a clause in the contract to let the seller know that a condition to purchasing their home is for them to first sell the buyer's current home. This is used when the buyer would not be approved for a second mortgage or need the money for the down payment instead of using any savings first. This can stall the closing of the home depending on the market. Next is MLS or multiple listing service. It is a database that allows Realtors to add listings (land and homes) to include information about the property, photos, etc. Other Realtors can then view the listings and see what is currently on the market as well as what similar properties have sold for. HOA is one term you might be familiar with. A Home Owners Association is a privat...