What terms you need to know when selling your Dearborn / Detroit west side suburb home! sell selling seller sale sold solds
. Steve Hatfield, Realtor, ABR, CRS, e-PRO
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Home Selling Terms / Definitions, Terminolgy, Phrases
Dearborn Michigan Real Estate and Homes


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Buying GuideSelling GuideBuying Guide
Terms and Definitions

FactDuring your home sale process you will undoubtedly encounter many of the terms listed below. Understanding the terminology used by your Realtor®, title company, etc. to describe items, situations, and/or options you will encounter during your home sale process will most certainly help to you to make the decisions necessary to reach your goals.

For example, you may encounter a "Cloud" on your title and understanding what that is will help you to work with your Realtor
®, title company, etc. to resolve the matter in order to convey "Marketable Title."

The following is a detailed list of the most commonly used words and terms that you will encounter. Click on a term below to view its definition:

A
Abstract of Title
The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.

Agent
One who acts or has the power to act for another. In the case of selling a home, it is the fiduciary relationship that is created under the law of agency when a property owner executes a listing agreement authorizing a licensed real estate broker to act as his or her agent.

Appraisal
An estimate of value; the process through which conclusions of property value are obtained. Also referred to as the report that sets forth the process of estimation and conclusion of value.

Appreciation
An increase in the value of a property due to economic or related causes; opposite of depreciation.

Assumption of Mortgage
Acquiring title to property on which there is an existing mortgage and agreeing to be personally liable for the terms and conditions of the existing mortgage and mortgage payments.

B
Banked Owned Homes
When a bank (mortgage lender) took back (repossessed) on the property because the homeowner did not pay their mortgage payments. Foreclosures, foreclosed homes, bank owned homes, and Real Estate Owned (REO) are also homes that have been taken back by the bank/mortgage lender due to non-payment.

Breach of Contract
Violation of any terms or conditions in a contract without legal excuse.

Broker
One who acts as an intermediary on behalf of others for a fee or commission.

C
Capital Gain
Income earned from the sale of an asset.

Certificate of Title
A statement of opinion on the status of the title to a parcel of real property based on an examination of public records.

Chain of Title
The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives his or her title.

Closing Statement
A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made, and all cash paid out in the transaction.

Cloud on Title
Any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful. A "cloud" would generally show up on a search of the title.

Commission
Payment to a broker for services rendered, such as in the sale of a real property; usually a percentage of the selling price of the property.

Comparables
Sold properties used in an appraisal or market analysis to determine a value of a specified property.

Competitive Market Analysis
A comparison of properties used to determine a market value of a specified property.

Consideration
That which is received by the grantor in exchange for his or her deed.

Contract
A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy.

Counteroffer
A new offer made as a reply to an offer received.

CRS
ABR A Certified Residential Specialist is a REALTOR® who has earned certification from the Council of Residential Specialists by completing a rigorous course of advanced training, and by meeting significant experience requirements.

Only 5% of all REALTORS® in the U.S. can call themselves a Certified Residential Specialist. That's because just one in 20 has the extensive experience, the unique commitment to the real estate business and the hours of advanced training necessary to call themselves a Certified Residential Specialist.

When you sell your home, be sure to ONLY hire a Realtor if they have the CRS designation. Learn more here

D
Deed
A written instrument that, when executed and delivered, conveys an interest or title to real estate.

Deed Restrictions
Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions. For example, they many limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even being used at all.

Default
The nonperformance of a duty, whether arising under a contract or otherwise; failure to meet an obligation when due.

Depreciation
A loss of value in property due to any cause including physical deterioration, functional obsolescence, and/or economic obsolescence..

Dual Agency
The act of representing both parties in a transaction.

E
Easement
A right to use the land of another for a specific purpose such as for a right-of-way or utilities.

Encroachment
A building or some portion of it - a wall or fence for instance - that extends beyond the land of the owner and intrudes upon some land of an adjoining owner, street, or alley.

Encumbrance
Any lien - such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land, or an outstanding dower right that may diminish the value of a property.

Equity
The interest or value that an owner has in his or her property over and above any mortgage indebtedness.

Escrow
The closing of a transaction through a third party called an escrow agent, or escrowee, who receives certain funds and documents to be delivered upon the performance of certain conditions outlined in the escrow agreement. Escrowing is sometimes referred to as the act of placing money in a special account for use at a later date for a specific purpose.

Executed Contract
A contract in which all parties have fulfilled their promises and thus performed the contract.

F
Functional Obsolescence
A loss of value to real estate arising from functional problems created by age or poor design.

G
General Lien
The right of a creditor to have all of a debtor's property, both real and personal, sold to satisfy a debt.

J
Joint Tenancy
Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, his or her interest passes to the surviving joint tenant or tenants by the right of survivorship.

H
HUD-1
A form prepared by a settlement agent (title company and/or mortgage lender) that itemizes all charges, expenses and credits for the buyer and seller side of a real estate transaction.

   L
Legal Description
A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.

Lien
A right given by law to certain creditors to have their debt paid out of the property of a defaulting debtor, usually by means of a court sale.

Listing Agreement
A contract between a property owner and a licensed real estate broker by which the broker is employed as agent to sell real estate within a given time, for which service the property owner agrees to pay a commission.

Listing Broker
The broker in a multiple-listing situation from whose office a listing agreement is initiated, as opposed to the selling broker, from whose office negotiations leading up to a sale are initiated. The listing broker and the selling broker may be the same person.

M
Marketable Title
Good or clear title, reasonable free from the risk of litigation over possible defects.

Marketing Plan
The plan that a real estate agent has in place to get the information about your home out to the public via the use of the Internet, print materials, etc.

Note: It is imperative that the real estate agent you hire has a comprensive, thorough marketing plan that includes high quality online marketing as well as high quality print materials.

View Steve's Marketing Plan Now

Market Value
The highest price a ready, willing, and able buyer would pay, and the lowest price a ready, willing, and able seller would accept.

Mechanic's Lien
A statutory lien created in favor of contractors, laborers, and materialmen who have performed work or furnished materials in the erection, repair, or improvement of a property.

Multiple Listing
An exclusive listing (an exclusive right to sell or exclusive agency) with the additional authority and obligation on the part of the listing broker to distribute the listing to other brokers in the multiple-listing organization.

O
Offer and Acceptance
Two essential components of a valid contract; a "meeting of the minds."

P
Personal Property
Sometimes called chattels, these are items that do not fit into the definition of real property; movable objects. For example, a stove or refrigerator that is not built-in to the kitchen would be considered personal property.

Physical Deterioration
A reduction in a property's value as a result of a decline in physical condition. This could be caused by ordinary wear and tear, the elements, etc.

Power of Attorney
A written instrument authorizing a person (the attorney in fact) to act as agent on behalf of another person to the extent indicated in the instrument.

Prorations
Expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing.

Q
Quit Claim Deed
A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations.

R
Ready, Willing, & Able Buyer
One who is prepared to buy property on the seller's terms and is ready to take positive steps to consummate the transaction.

Real Estate
Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached thereto, whether by nature or by a person.

Real Estate Broker
Any person, partnership, association, or corporation who sells (or offers to sell), buys (or offers to buy), or negotiates the purchase, sale or exchange of real estate for others for a compensation or other valuable consideration. A real estate broker may not conduct business without a real estate broker's license.

Real Property
The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interests, benefits, and rights inherent in real estate ownership.

Realtor
A registered trademark term reserved for the sole use of active members of the local REALTOR® boards affiliated with the NATIONAL ASSOCIATION OF REALTORS®.

S
Sales Contract
A contract containing the complete terms of the agreement between buyer and seller for the sale of a particular parcel or parcels of real estate.

Salesperson
A person who performs real estate activities while employed by or associated with a licensed real estate broker.

Severalty
Ownership of real property by one person only, also called sole ownership.

Short Sale
When a homeowner is trying to sell their home / property for less than what they owe on it. Most short sale homes are put on the market in advance of the homeowner being approved by their bank(s) for the short sale process because the homeowner's bank(s) will not examine the situation or make a ruling on it until an offer to purchase from a buyer is submitted. At that time the homeowner also presents all of their financial documentation to their bank(s) and the process begins.

The homeowner will have to prove a hardship to their bank/banks...the reason they cannot continue to keep and pay for the home. The short sale process can take many months.

Special Assessment
A tax or levy customarily imposed against only those specific parcels or real estate that will benefit from a proposed public improvement like a street or sewer.

Survey
The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of structures on a lot, including the determination of any existing encroachments or easements.

T
Tax Lien
A charge against property created by an operation of the law. Tax liens and assessments take priority over all other liens.

Tenancy by the Entirety
The joint ownership, recognized in some states, of property acquired by a husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.

Tenancy in Common
A form of co-ownership by which each owner holds an undivided interest in real property as if he or she were the sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance.

Title Insurance
A policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel or real estate, other than encumbrances, defects, and matters specifically excluded by the policy.

Transfer Tax
Tax stamps required to be affixed to a deed by state and/or local law; a tax paid when the sale of a piece of property closes.

W
Warranty Deed
A deed in which the grantor fully warrants good clear title to the premises. Used in most real estate deed transfers, a warranty deed offers the greatest protection of any deed.

 

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Be a savvy home seller and make sure you pick the BEST Realtor® to market your home!
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Contact Steve if you are thinking about selling your home!
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Specializing in residential home & condominium sales in Dearborn, Dearborn Heights, Livonia, Canton, Plymouth, Northville, Novi, Farmington, Farmington Hills, Allen Park, Southgate, Taylor, Wyandotte, Trenton, Brownstown, Woodhaven, Garden City, Westland and Redford Michigan since 1987
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In the world of real estate, there is no substitute for experience. As an experienced real estate agent, I will guide you through the complexities of buying or selling a home, help you to achieve your goals and strive to make the final outcome exciting rather than stressful!

Whether you are buying a home or selling your existing home, please allow me the opportunity to assist you with your real estate transaction. I am prepared to exceed your highest expectations through exceptional service, reliable communication and knowledge of the local real estate market.

Steve Hatfield
Realtor®, ABR, CRS, SFR, e-PRO
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REALTOR® ABR, CRS, e-PRO Certified
CENTURY 21 Curran & Christie.
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
Contact Steve Now
Michigan Real Estate Salesperson #6501221773.
Licensed Realtor® Since 1987
REALTOR Accredited Buyer Representative Certified Residential Specialist e-PRO

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