Terms To Understand When You Sell Your Residence

Years ago I realized that as soon as I buy a house I need to consider that I'll need to sell my house some time in the future. Most of us don't immediately think about selling a house we just bought, especially if it's our residence, the house where we live. And, in addition, I realized that there is a lot more to selling a house than just finding a buyer, and in order to sell a house in a difficult economy, I had a lot to learn. Learning about selling real estate is often a simple matter of learning the real estate terminology.



So, I'm sharing three basic real estate terms in this article. These terms are good to know when you are selling your house. Naturally, you can find real estate websites full of legal and real estate industry terminology online, but I have to admit it's easy to get overwhelmed visiting those websites. The truth is - all you really need to know is what's relevant to you and to your own sale transaction. That's how it works for me whenever I sell my house.



I'm guessing you feel the same way like I did when I first learned how to sell a house, and that you know you have a lot to learn. Am I correct? Just remember - you're going to be paid for the time you spend on your real estate education. Assuming you want to make a profit when your house sells, you will see my point. All the time it takes you to absorb a few real estate terms helps you down the road to enjoy a more profitable future. Whenever you buy and sell any houses you own, including your own residence, having a few real estate terms handy will help you.



Let's take the word "agent" - a real estate agent works for a real estate broker, the one who has the legal responsibility to represent you as a client. The office broker is the person who has a fiduciary duty to you and all his or her agents must meet that standard of responsibility, too.



And next, let's look at the phrase "Exclusive Right To Sell Listing Agreement" -chances are, you will be signing one of these agreements to give your broker the right to collect a commission on the sale of your house. Then your broker splits his or her commission with the agents involved in your sale.



Finally, we have the term "Purchase Agreement," "Sales Agreement" or "Sales Contract" - this is the form on which a buyer makes an offer to purchase your house. This form is something you absolutely need to have on hand or make sure your agent provides. That's what I do when I sell my house.