There is long list of real estate terms that you may come across if you plan to sell your house fast in San Antonio. We have put together a list of some of the lesser-know vocabulary that you may hear when selling your house in San Antonio. If you still have questions about the selling process or other key terms that are not included below then please give us a call. We are here to help! (210) 920-5280
The appraised value is a determination of the value of a property by a professional appraiser. An appraisal is often done during the mortgage origination process, but it can also be ordered privately by the buyer or seller. An appraisal can also be used for tax purposes or after a divorce.
The assessed value of a property is used to calculate the amount of property taxes the homeowner will pay. Recent sales prices of similar homes, the location of the property and information from inspections done on the property are taken into account when determining assessed value.
Carrying costs is essentially the sum of all costs of owning the property on a monthly basis. This includes your mortgage, taxes, utilities, insurance premiums and maintenance costs.
A clear title means that there are no other ownership claims to the property. There are also no liens on the property with a clear title.
Comparative Market Analysis
A comparative market analysis, or CMA, is a report put together by a real estate profession that helps determine the value of the property. A CMA compares the property in question with similar houses in the area and uses the sales prices of these other properties to value the property of interest.
A contingency is a provision found in the contract that must be satisfied before the contract is legal and binding.
A covenant is a formal agreement in which one party gives the other certain assurances. An example would be covenants of warranty in a warranty deed.
When a homeowner fails to make mortgage payments and defaults on their loan they are considered delinquent. Once delinquent, the lender will actively begin the collections process and may even start the foreclosure process.
A disclosure is a document provided by the seller in which any problems, defects or issues with the property are mentioned. Failure to disclose any known problems or issues when selling your home can be consider fraud.
An encumbrance is a claim against the property that restricts its transfer or use. A property lien is considered an encumbrance.
Foreclosure is a process initiated by a lender if mortgage payments are not paid typically for a period of 90 days. In a foreclosure the bank takes possession of the property since the owner forfeits his/her rights.
Inclusions are any items on the property that are to be included in the sale of the home. Furniture, appliances, outdoor items or even cars can be items included in the a home sale.
Market value is a valuation of the property in which all details of the property are know and the individuals involved are free of pressure to complete the transaction. The average of the highest price a buyer would pay and the lowest price the seller would accept can be used to find the market value.
A mechanic’s lien is a claim to the provide and used to secure payment of contractors, laborers and materials.
When negative amortization occurs, your payments are not enough to cover the interest on your loan and the amount you owe becomes more and not less over time.
A quitclaim deed transfers the interest in real property from one person to another.
A sale-leaseback is when the buyer of a property leases it back to the occupant, which could be the seller.
A short sale occurs when a property owner sells the property for less than what is owed. This can be an alternative to foreclosure and allow the lender to recoup some of the cost of the loan as opposed to taking ownership of the property.
The title states who legally owns the property and who can legally use the property. This is the same as having the title on a vehicle allows you to claim ownership of the vehicle.
A title defect is an instance where adverse claim exists in the chain of ownership. This can impact who legal owns the property.
Voluntarily giving up a right, claim or privilege. It removes liability for the other party in the agreement.
When trying to sell your house fast in San Antonio, you will likely hear a lot of real estate jargon thrown your way. It’s important to know what is being said and how the terms used will impact you. Do your homework before selling your house fast in San Antonio so you don’t miss something you should have been aware of!