Real Estate Glossary

CRAIG BLACKMON IS A REAL ESTATE ATTORNEY, BROKER, AND INNOVATOR IN SEATTLE.

Title Contingency

Title Contingency A specific type of contingency. A title contingency allows a buyer to inspect and approve the preliminary title report before the contract becomes binding. This gives the buyer a chance to identify encumbrances on title that may affect the...

Selling Office Commission (or SOC)

Selling Office Commission (SOC) The seller-paid commission offered to the buyer’s agent. The seller pays the commission (typically 6%)  to the real estate firm where the seller’s agent works, the listing firm. The listing firm then pays part of it to the selling...

Settlement Statement

Settlement Statement The formal spreadsheet issued by the Closing Agent at Closing showing the origination and disposition of all funds. For many years the settlement statement was called the HUD-1. This was the designation of a specific form required by federal law....

Selling Agent

The Real Estate Broker who represents the buyer – not the seller – in a transaction.  If an agent works for the buyer, why is she called the “selling” agent? It is a very old term that originated back when all agents worked for the seller. Real estate...

Quit Claim Deed

A deed is the legal document that transfers ownership of real property.  A Quit Claim Deed conveys ownership and nothing else.  The person conveying (the seller) makes no promises of any sort concerning the conveyor’s actual ownership or right to...

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