Here in California, your offer as a buyer is typically written up on the California Residential Purchase Agreement (sometimes referred to as the RPA). I will dive into this process in more detail in a separate article, but we’ll cover the basics here. You get three terms for the price of one here! The offer process in real estate can quickly get confusing, especially when there are multiple offers and/or counter offers involved. Offer, Counter-Offer, Multiple Counter Offer Your agent should advise, guide and counsel you, but they are acting as your agent. Regardless of the type of agency, you, as the principal, are in charge. Check out my recent article if you’re curious about the pros and cons of dual agency. While single agency is the most common, it’s important to understand the implications for dual agency – whether you’re a buyer or seller. In short, if you contract an agent to represent you, they should not be making critical decisions without your instructions to do so.Īgency can be single agency (where your agent / brokerage is only representing you), or, in some states, it can be dual agency, where one agent/brokerage is representing both buyer and seller. An agent is not empowered to make decisions for their clients, although they can and should advise their clients based on their own expertise and what they believe is in the principal’s best interests. The agent has a fiduciary duty to their client, and assuming their client isn’t asking them to do something illegal, their job is to enact their client’s wishes. in writing.Īn agent is empowered to act on behalf of the principal in a transaction. Those wheeling and dealing phone calls or heated face-to-face meetings between the two agents are more commonly handled by offers. Fear not! I will cover six common real estate terms that should help better prepare you to navigate your real estate journey.Įveryone knows the term “agent” but very few consider the concept behind the agent, and that’s “agency.” If you have watched any real estate “reality” shows like Million Dollar Listing or Selling Sunset, you might form an impression that deals happen based on what the agents involved want. Being lost is not a good place to be in a real estate deal. As a buyer or seller, it’s easy to get lost in the terminology. What might be common terms to the agent are often not so common for for the client. To make matters worse, most real estate agents are so used to common real estate terms, they throw them around in rapid-fire fashion. Suddenly, you are catapulted into a world filled with all kinds of terminology with sometimes perplexing meanings and definitions.
REAL ESTATE LINGO PDF
The following alphabetical list is also available as a PDF Apartmentsĭescribed as "1h" are usually what English speakers describe as studio apartments.īedrooms, living/dining room, + kitchen, bathroom". It means 2 rooms (typically a bedroom and a living area). This does not mean "2 bedrooms" as it would in many countries Used in Finnish property advertisements, whether for rental or sale. This page will help you understand the terminology and abbreviations
Housing pages Finnish Real Estate Terms & Abbreviations in English
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