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MEET ON ZOOM

ACTIVE - House listed for sale where the seller has not yet accepted an offer.
ADDENDUM - A document that changes a condition or term of the agreement or contract.
APPRAISAL - A professional typically hired by the lending institution to evaluate the value and health and of a property.
APPRECIATION - The increased value of a property over time.
AS-IS - The property is for sale and the owner is not open to making any repairs

BACKUP OFFER - It's an offer that is help in case the first offer accepted falls through.
BREACH OF CONTRACT - When you fail to meet or follow through on a condition of the contract.
BROKER - In Virginia this is the principal person who oversees real estate agents or Realtors®️ at a Brokerage.
BUYER - The homebuyer is the party interested in purchasing a home in the real estate market.
BUYERS AGREEMENT - A Buyers agreement is a contract between a buyer and a real estate agent or Realtor that states each parties duties as well as obligations during a specific period of time.
BUYERS AGENT - A real estate agent or Realtor®️ that represents and protects the interests of a buyer and negotiates on their behalf.

CLOSING COSTS - The fees you pay to buy a home such as loan origination, attorneys fees, and title fees.
CMA - Comparative Market Analysis where a real estate professional compares the home you want to buy with other similar homes that recently sold to help you determine your offer.
COMMISSION - The fee paid to compensate the real estate agent or Realtor®️ that assisted you in the purchase of your home.
COMPARABLE - Also known as a "COMP" is a property that is similar to the one you want to purchase.
CONTINGENCY - A condition of the contract that must be met to move forward with the purchase of the home.
COUNTER - When the seller of the home you made an offer to doesn't accept your initial offer but instead responds with an offer with different terms.

DOM - Also know as Days on Market is the number of days a home has been listed for sale without accepting an offer and being sold.
DOWN PAYMENT - The money you are paying to buy the home that is not covered by the mortgage.
DUAL AGENCY - When the real estate agent or Realtor®️ represents both the buyer and seller in the same transaction.

EASEMENT - The legal right to use a portion of someone else's property most often a shared driveway to allow you to get to your home on land that is behind another with no direct road access.
EMD - Also known as Earnest Money Deposit is money that you give to a third party usually the settlement attorney to be held until closing to express to the sellers how serious you are about buying their home.
EQUITY - The difference in the amount of money you owe on your mortgage and the market value of your home.
ESCROW - This is the legal agreement between both parties for a third party to hold funds for both parties until the transaction is complete.

FORCLOSURE - This is when you default on your mortgage and the lender takes possession of the home in order to resell it.
FSBO - "For Sale By Owner" when a homeowner is selling their home without the assistance of a real estate agent or Realtor®️

HOA - Also know as a Home Owners Association or Common Interest Community Association is a private organization that manages and enforces the rules for a neighborhood. They are there to make sure that the common areas are maintained and that needed repairs are made.

INSPECTION - This is when you hire a professional to do an assessment of the homes safety and quality. The inspector will look at the roof, crawlspace and everything in between making sure everything is in working order and making note of anything that needs immediate repair as well as things that will need future attention.

LENDER - The institution that is providing you the mortgage to purchase the home you want.
LISTING AGREEMENT - The contract between that seller and real estate agent or Realtor®️ the states the property being listed for sale along with any included personal property, the duties and obligations of both parties during the length of the contact and the terms of the contract.

MLO - "Mortgage Loan Originator" or "Mortgage Loan Officer" is a the one you speak to that takes your application for lending and collects that documents needed for loan approval.
MLS - Also know as Multiple Listing Service is the database of homes for sale in a specific area used by real estate agents, Realtors®️ and brokers to share property details and connect buyers and sellers.

OFFER - A written statement of the terms that you want to buy the home under that are sent to the seller for consideration.

PENDING - The status of a home when the seller has accepted an offer.
PITI - "Principle Interest Taxes & Insurance" The principle, interest, taxes and insurance amounts that make up your mortgage payment.
PRE-APPROVAL - When a lender has reviewed your income, assets, liabilities and credit to determine how much home loan they will approve you for to give you a true budget for buying a home.
PRE-QUALIFICATION - This is when a Mortgage Loan officer asks you some questions to give you an ESTIMATE of how much you might be approved for if you applied for a home loan.
PROBATE - This is when a court helps to determine the distribution of a deceased persons assets including real estate, the court has to approve of the terms of the sale of the home.
PROOF OF FUNDS - If you are buying a home with cash you will need to provide a letter from your financial institution stating that you have sufficient funds to cover the purchase of the home you want or a home within a specific price point.

REAL ESTATE AGENT - Someone who is licensed to help someone buy or sell real estate.
REALTOR - A licensed real estate professional that is also a member of the National Association of Realtors who follows a code of ethics requiring them to uphold certain standards when working with clients.
RENT BACK - When the seller stays in the home for an agreed amount of time after settlement and pays you the new owner rent to stay there.
REO - "Real Estate Owned" by the Bank or Mortgage Company is property owned by the lending institution following a foreclosure.

SELLER - The homeowner that has listed their home or sale.
SELLERS AGENT - The real estate agent or Realtor®️ that represents the seller in a transaction.
SETTLEMENT - Also known as "closing day" in the real estate industry is... when you review and sign all necessary documentation to take ownership of the home you are buying.
SHORT SALE - The time given to a seller by the lending institution to sell the home for less than the mortgage balance to avoid foreclosure.
SIGHT UNSEEN - Making an offer to purchase a home without ever seeing the home in person.

TITLE - The document that grants ownership of the property.
TITLE SEARCH - A search of public records to determine legal ownership of the property you are buying and if there are any liens on the property.

UNDER CONTRACT - The status of a home when the seller has accepted an offer but settlement has not yet occured.

ACTIVE - House listed for sale where the seller has not yet accepted an offer.

ADDENDUM - A document that changes a condition or term of the agreement or contract.

APPRAISAL - A professional typically hired by the lending institution to evaluate the value and health and of a property.

APPRECIATION - The increased value of a property over time.

AS-IS - The property is for sale and the owner is not open to making any repairs

BACKUP OFFER - It's an offer that is help in case the first offer accepted falls through.

BREACH OF CONTRACT - When you fail to meet or follow through on a condition of the contract.

BROKER - In Virginia this is the principal person who oversees real estate agents or Realtors®️ at a Brokerage.

BUYER - The homebuyer is the party interested in purchasing a home in the real estate market.

BUYERS AGREEMENT - A Buyers agreement is a contract between a buyer and a real estate agent or Realtor that states each parties duties as well as obligations during a specific period of time.

BUYERS AGENT - A real estate agent or Realtor®️ that represents and protects the interests of a buyer and negotiates on their behalf.

CLOSING COSTS - The fees you pay to buy a home such as loan origination, attorneys fees, and title fees.

CMA - Comparative Market Analysis where a real estate professional compares the home you want to buy with other similar homes that recently sold to help you determine your offer.

COMMISSION - The fee paid to compensate the real estate agent or Realtor®️ that assisted you in the purchase of your home.

COMPARABLE - Also known as a "COMP" is a property that is similar to the one you want to purchase.

CONTINGENCY - A condition of the contract that must be met to move forward with the purchase of the home.

COUNTER - When the seller of the home you made an offer to doesn't accept your initial offer but instead responds with an offer with different terms.

DOM - Also know as Days on Market is the number of days a home has been listed for sale without accepting an offer and being sold.

DOWN PAYMENT - The money you are paying to buy the home that is not covered by the mortgage.

DUAL AGENCY - When the real estate agent or Realtor®️ represents both the buyer and seller in the same transaction.

EASEMENT - The legal right to use a portion of someone else's property most often a shared driveway to allow you to get to your home on land that is behind another with no direct road access.

EMD - Also known as Earnest Money Deposit is money that you give to a third party usually the settlement attorney to be held until closing to express to the sellers how serious you are about buying their home.

EQUITY - The difference in the amount of money you owe on your mortgage and the market value of your home.

ESCROW - This is the legal agreement between both parties for a third party to hold funds for both parties until the transaction is complete.

FORCLOSURE - This is when you default on your mortgage and the lender takes possession of the home in order to resell it.

FSBO - "For Sale By Owner" when a homeowner is selling their home without the assistance of a real estate agent or Realtor®️

HOA - Also know as a Home Owners Association or Common Interest Community Association is a private organization that manages and enforces the rules for a neighborhood. They are there to make sure that the common areas are maintained and that needed repairs are made.

LENDER - The institution that is providing you the mortgage to purchase the home you want.

LISTING AGREEMENT - The contract between that seller and real estate agent or Realtor®️ the states the property being listed for sale along with any included personal property, the duties and obligations of both parties during the length of the contact and the terms of the contract.

MLO - "Mortgage Loan Originator" or "Mortgage Loan Officer" is a the one you speak to that takes your application for lending and collects that documents needed for loan approval.

MLS - Also know as Multiple Listing Service is the database of homes for sale in a specific area used by real estate agents, Realtors®️ and brokers to share property details and connect buyers and sellers.

OFFER - A written statement of the terms that you want to buy the home under that are sent to the seller for consideration.

PENDING - The status of a home when the seller has accepted an offer.

PITI - "Principle Interest Taxes & Insurance" The principle, interest, taxes and insurance amounts that make up your mortgage payment.

PRE-APPROVAL - When a lender has reviewed your income, assets, liabilities and credit to determine how much home loan they will approve you for to give you a true budget for buying a home.

PRE-QUALIFICATION - This is when a Mortgage Loan officer asks you some questions to give you an ESTIMATE of how much you might be approved for if you applied for a home loan.

PROBATE - This is when a court helps to determine the distribution of a deceased persons assets including real estate, the court has to approve of the terms of the sale of the home.

PROOF OF FUNDS - If you are buying a home with cash you will need to provide a letter from your financial institution stating that you have sufficient funds to cover the purchase of the home you want or a home within a specific price point.

REAL ESTATE AGENT - Someone who is licensed to help someone buy or sell real estate.

REALTOR - A licensed real estate professional that is also a member of the National Association of Realtors who follows a code of ethics requiring them to uphold certain standards when working with clients.

RENT BACK - When the seller stays in the home for an agreed amount of time after settlement and pays you the new owner rent to stay there.

REO - "Real Estate Owned" by the Bank or Mortgage Company is property owned by the lending institution following a foreclosure.

SELLER - The homeowner that has listed their home or sale.

SELLERS AGENT - The real estate agent or Realtor®️ that represents the seller in a transaction.

SETTLEMENT - Also known as "closing day" in the real estate industry is... when you review and sign all necessary documentation to take ownership of the home you are buying.

SHORT SALE - The time given to a seller by the lending institution to sell the home for less than the mortgage balance to avoid foreclosure.

SIGHT UNSEEN - Making an offer to purchase a home without ever seeing the home in person.

TITLE - The document that grants ownership of the property.

TITLE SEARCH - A search of public records to determine legal ownership of the property you are buying and if there are any liens on the property.

UNDER CONTRACT - The status of a home when the seller has accepted an offer but settlement has not yet occured.

Virginia Capital Realty LLC