Don’t know what to expect when buying a home?
Here’s everything you’ll need to know…
Whether the property you plan to buy is your next house, first time home, or investment … most importantly it’s one of the most important purchases you will make. For this reason, a smart buyer wants their own dedicated representation without cost. This is your right under the law.
Before 1992 all agents worked for the seller. Now the law says you can have your own Buyer Agent a dedicate professional dedicated to you and your goals. The Buyer Broker Agreement INSURES that the Realtor is legally bound to YOU in the transaction and is required to promote your interests at all times. A Realtor is obligated to educate, inform and empower you with their knowledge of the market (demographics, supply and demand, neighborhoods) in order to to find and negotiate a property acceptable to you and in your price range. Finally the Realtor agrees to manage the process, provide you with access to other professionals, and handle all the details concluding in a successful transaction. Celebrate with you the success and milestone you have achieved in your life.
Terms You Should Know:
ACTIVE – Indicates that the property is available with no contingencies, contract or application registered against it.
CNTG/KO – (Contingent with Kick Out) – Indicates that the property is available but has a contract with at least one pending contingency that includes a kick out clause.
CNTG/NO KO – (Contingent with No Kick Out) – Indicates that the property is available but has a contract with at least one pending contingency and the pending contingencies do not contain kick out clauses.
APP REG – (Application registered) – Indicates that the property is available but a rental application has been registered on it.
CONTRACT – Indicates that the property has a ratified contract with no pending contingencies. If the only remaining contingency is financing the status should be contract.
SOLD – Indicates that the property is sold and settled.
RENTED – Indicates that the listing has been rented.
TEMPORARY OFF – Indicates that the property is not available for showing. This status is for short term use and must have seller approval.
EXPIRED – Indicates that the listing agreement has expired.
WITHDRAWN – Indicates that the listing agreement has been terminated prior to its original date