When you are thinking about purchasing or selling a home, it is important to have a clear understanding of some basic terms used in the real estate industry. You can get the real estate services through reputed firms like Dallegal.
This article provides a quick overview of some of the most common terms and their definitions.
Agency: A real estate agency is a business that sells and rents homes. They typically charge commission for their services, which can add up over time.
Broker: A broker is someone who works with a buyer or seller and helps them find the best home for their needs. Brokers can work with either an agent or directly with sellers and buyers.
Commission: Commission is the fee that a real estate agent charges for their services. It is typically 3% of the sale price, but can be higher or lower depending on the situation.
Listing: A property's listing status indicates whether it is currently for sale or not. Properties that are actively being marketed are said to have "active listings." Properties that are not currently for sale but may be in the future are said to have "pending listings." Properties that have been sold are said to have "closed listings."
Real estate agents are individuals who represent the sale or lease of property to buyers or tenants. A real estate firm is a company that provides real estate services to its clients, such as listing and selling properties, providing financing and consulting.
Real estate services include things like property management, marketing, legal advice, and home inspection. These services can be used by either sellers or buyers in the real estate market.