Gross sale price: The sale price before any concessions. Guaranteed offer: The amount, after appraisals, the employer offers the transferring employee for his or her property. Hazard insurance: Insurance that covers losses to real estate from damages that might affect its value. Home-finding assistance: Additional assistance provided by a third-party relocation company that can include information about the destination community. Homeowner’s insurance: Coverage that includes personal liability and theft insurance in addition to hazard insurance. HUD: U.S. Department of Housing and Urban Development. HUD/RESPA (Housing and Urban Development/Real Estate Settlement Procedures Act): A document and statement that details all of the monies paid out and received at a real estate property closing. Hybrid adjustable rate: Offers a fixed rate the first 5 years and then adjusts annually for the next 25 years. IDX : (Internet Data Exchange) Allows real estate brokers to advertise each other’s listings posted to listing databases such as the multiple listing service. Inclusions: Fixtures or personal property that are included in a contract or offer to purchase. Independent contractor: A real estate sales agent who conducts real estate business through a broker. This agent does not receive salary or benefits from the broker.
Inputting: The process of entering new listings or changes to a current listing in the multiple listing services. Inspection rider: Rider to purchase agreement between third-party relocation company and buyer of transferee’s property stating that property is being sold “as is”. All inspection reports conducted by the third party company are disclosed to the buyer and it is the buyer’s duty to do his/her own inspections and tests. Installment land contract: A contract in which the buyer takes possession of the property while the seller retains the title to the property until the loan is paid. Interest rate float: The borrower decides to delay locking their interest rate on their loan. They can float their rate in expectation of the rate moving down. At the end of the float period they must lock a rate. Interest rate lock: When the borrower and lender agree to lock a rate on loan. Can have terms and conditions attached to the lock. Inventory: A transferee’s property the third party relocation company has acquired. List date: Actual date the property was listed with the current broker. List price: The price of a property through a listing agreement. Listing: Brokers written agreement to represent a seller and their property. Agents refer to their inventory of agreements with sellers as listings. Listing agent: The real estate sales agent that is representing the sellers and their property, through a listing agreement.
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