The 'Asked Price' is the price a property owner sets for their property when they intend to sell it. It represents the amount they are seeking from buyers. The term 'Asked Price' is commonly used in real estate transactions and is often seen as the initial price point which may be negotiated.
A provision in a mortgage that mandates the loan be paid in full when the property is sold. This clause protects lenders by ensuring the loan is not assumed by a potentially less creditworthy buyer.
An exclusive right to sell listing is a contract granting a broker the right to collect a commission if a property is sold by anyone, including the owner, during the term of the agreement.
An overview of the legal process where a lender seeks to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the property used as collateral for the loan.
A listing refers to a written engagement contract between a principal and an agent, authorizing the agent to perform services for the principal involving the latter's property. It is also the record of property for sale by a broker who has been authorized by the owner to sell.
An open listing is a non-exclusive property listing given to multiple real estate brokers. The seller agrees to pay the commission only to the broker who introduces a ready, willing, and able buyer that meets the terms of the listing.
An Opinion of Title is a certificate, generally from an attorney, which provides an assessment of the validity of the title to property being sold. It serves as a basis upon which title insurance companies decide to insure the title.
A Real Estate Broker arranges the purchase or sale of property for a buyer or seller in return for a commission. Brokers must be licensed by the state, and salespeople, who are also licensed, work under brokers.
A real estate transaction entails a sale or exchange of reportable real estate for money, indebtedness, or property other than money or services, regardless of whether the transaction is currently taxable.
A subdivider is an individual or entity that partitions a tract of land into smaller plots for the purpose of selling these plots. Typically, a subdivider also installs necessary infrastructure such as utilities and streets to make the plots ready for development.
The condition of sale of real estate property whereby the purchaser takes property encumbered by a pre-existing mortgage, and the purchaser's obligation to the mortgagee is limited to the property subject to the mortgage, unless the purchaser becomes personally liable on the debt by assuming the mortgage.
A Trustee's Sale is a foreclosure sale conducted by a trustee under the stipulations of a deed of trust, where the trustee is authorized to foreclose the mortgage and sell the property upon the borrower's default.
A Vendor's Lien is a collateral granted to the seller of a property as security for a promissory note taken by the seller as part of the selling price.
