Selling Sunset is back on Netflix for a fifth season, which means that after four seasons of U.S. real estate jargon, avid binge-watchers of the show should basically be real estate experts by now.
Fancy Bridgerton too? Check out these Vancouver homes that look like Bridgerton mansions.
Put your real estate knowledge to the test with these Selling Sunset buzzwords from Preply.
When a third party is holding the funds for a property whilst offer conditions are confirmed. It protects both the buyer and seller. It is the amount of money a buyer puts down when they sign a contract.
Contingencies / Contingency period
A condition that must be satisfied before the process can continue. A contingent offer is an offer that is contingent on something the buyer needs to get done such as an appraisal on a loan.
The contingency period protects you so you can out in an offer and none of your deposit is at risk until you've signed off and contingencies are released. A buyer and seller initially agree to a contract but then if the buyer backs out you fall out of escrow.
Realtor versus Real Estate Agent versus Broker
A real estate agent has a professional license to help people buy, sell, and rent real estate. They must work for a sponsoring broker or brokerage firm. A realtor is a real estate agent that is part of a trade association.
A broker is a real estate agent who has completed additional training and licensing requirements. They can work independently and hire other real estate agents to work for them. A broker can open up their own office, and get a piece of everyone's commission (like Jason Oppenheim!).
A primary bedroom is what traditionally would have been referred to as a master bedroom. However, the industry has taken the step to phase out the terminology due to its racist and misogynistic heritage and instead opted to use primary, or first, for the main bedroom of the house.
When an agent represents both the buyer and seller in one transaction. This can be a tricky situation for novice agents as they have a duty to negotiate the lowest price for the buyer whilst also achieving the highest price for the seller. However, if it works, this is a great way for the agent to make even more connections and money of course.
A turnkey property
A turnkey property means you can literally ‘turn a key’ and move straight in with minimal work. This is an ideal property for those wanting an easy transition into their new homes. However, it may be a little waste of money for buyers who plan on carrying out some of their own renovations.
An offer has been made but it is subject to specific conditions that the seller is yet to agree to. This means the property has not yet been sold or that the transaction has become legally binding.
You and another agent work together to list a property together. But make sure you agree to the commission split before you start working together or it can lead to major disagreements or arguments over how much money you each take home.
The appreciation of a property is the amount of value a property had gained in a certain period of time. Not only can the housing market lead to a large amount of appreciation, but renovations and home improvements by homeowners can also lead to an increased value.
All contingencies contracts and conditions have been confirmed and keys are handed over. This is when the agents and brokers get the cheque they’ve been working and waiting for.