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Sales Agreement:
A contract in which a seller agrees to sell and a buyer agrees to buy, under specific terms and conditions specified in writing and signed by both parties. Also known as an Agreement of Sale, Contract of Purchase, or Purchase Agreement according to location or jurisdiction.
School District:
An area of a town or community that includes a number of public schools administered together.
SearchSaverSM
This tool allows you to save searches to your "SearchSaverSM" folder so you can conveniently manage and view your searches at any time and receive email notification when new listings, that fit your search criteria, become available.
Seller Disclosure:
A document that includes all pertinent information about the physical characteristics, conditions and other factors about the property that influence a buyer's decision.
Seller Representation:
A sales professional agrees to place a seller's interests above all others in the transaction.
Seller's Agent:
A licensed real estate sales professional who represents the seller of real estate.
Seller's Disclosure:
A document that includes all pertinent information about the physical characteristics, conditions and other factors about the property that influence a buyer's decision.
Seller's Market:
Market economy to the seller's advantage. There is a greater supply of buyers than there are home for them to purchase.
Settlement:
A meeting where the sale of a property is finalized by the buyers and sellers signing certain documents to transfer the title of the property and paying closing costs. Also known as Closing or Closing Day.
Settlement Fee:
Administrative fee charged by the person and/or company that closes the transaction.
Single-Family:
Residential structure intended for use by one family.
Slab Stage:
Building phase between the time that the house is cleared to begin construction and the slab is poured.
Spec Home:
New home where the builder makes most of the decisions about construction before there is a buyer.
Special Assessments:
A tax or levy customarily imposed against only those specific parcels of real estate that benefit from a proposed public improvement like a street or sewer line.
Specific Home Search:
Using elements such as Multiple Listing Service (MLS) number or street address to identify an individual property.
Specifications:
Construction documents that specify what materials, grades and details will be included in a new home.
State Tax Stamp:
Tax charged when title passes from the seller to the buyer.
Status:
A property stage subject to change.
Status Change:
A property stage that has become different. For example, an Active Available property may have a status change to Pending after an offer to purchase is accepted by the buyer and seller.
Steps to Closing:
Stages in a specific progression toward buying or selling a home. Consult your sales professional for information.
Subdivision Summary:
Information about an area of homes based on local articles, interviews with area residents and historical overviews.
Subflooring:
Plywood used to support the floor.
Survey:
A drawing or map of a property that shows the precise legal boundaries, location of improvements, rights of way, easements and other physical features.
Surveyor:
Professional who performs a survey that determines the location, form and boundaries of property.
Definitions are intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice. It is recommended that you consult with a qualified real estate attorney who can advise you specifically with respect to the requirements in your market.
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