When purchasing a house for the first time it can feel like everyone is speaking another language. If you're not well versed in real estate terms there can be confusion which can lead to trouble down the road. Here to help decipher some of the lingo is WSFL-TV Trusted Advisors broker Patty Da Silva and realtor Chris Green from Luxury Homes by Patty Da Silva at Green Realty Properties.
First, you should know who you're working with. There is a difference between a realtor and a real estate agent. A real estate agent is someone who has a real estate license with the state, a realtor is a real estate agent who is a member of the National Association of Realtors and abides by the code of ethics. A broker is a type of real estate agent who took an additional course and has a superior license.
Disclosures are extremely important for sellers. These include any issues with the house, including foundation and electrical problems. Sellers have a legal obligation to make sure the buyer knows everything that's going on with the house.
Contingencies and exclusions are also important. Exclusions are anything that won't be attached to the sale. Most people include things like chandeliers and other light fixtures to exclusions so the buyer knows what won't be staying in the home when they move in. Contingencies are specific circumstances the buyer or seller can put in the contract. For example, the buyer can say they'll only buy the house if they get approved for a home loan.
For more tips and real estate help, head to PattyDaSilva.com