Flashcards in Real Estate Definitions Deck (15)
A property that needs renovation
For Sale By Owner - a property being sold by its owner without a real estate professional’s services
A figure representing the annual % of units un-rented or the % of time a single unit remains un-rented during the year
Regulations governing land use, population density, and building size and use.
Set by local governments, zoning laws typically change as communities develop; you can also request changes or exemptions.
A projected financial statement based on anticipated, not actual, income and expenses
Cash on cash return
% figure by dividing the annual cashflow for a property by the actual cash you invested.
(This could include down payment, closing costs, and fix-up expenses)
Annual cash flow
—————————— x 100% = Cash On
Cash invested Cash return
Necessary repairs and upkeep that have been left undone by the seller. Maintenance that has been deferred can present an opportunity in a deal, allowing you to negotiate a lower price.
An estimate or an opinion of the value of a property by an impartial person skilled in the analysis and valuation of real estate in a particular market.
A condition in an offer sheet or contract that must be met before the deal can go forward
A response to an offer to purchase a property that introduces new or different terms and conditions
A research and verification process that provides accurate and in-depth information regarding the physical, financial and legal attributes of a property.
Real Estate Purchase Contract
Also known as an “Agreement of Sale”, a legally binding agreement between buyer and seller stipulating the terms and conditions of a sale of a property.
The legal way of saying you own the “Right” to something.
Refers to ownership of the property, meaning you have the rights to use that property.
Are actually the legal documents that transfer title from one person to another. It must be a written document.