Real Estate Glossary

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

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...

Prepaids

“Prepaids” are funds that must be paid in advance at closing, such as homeowner insurance premiums and real estate taxes.  Only a buyer pays prepaids. If you are a buyer getting a rebate, make sure you max out your prepaids as much as possible. Lenders...

Pre-Approval Letter

A buyer’s lender issues a pre-approval letter. It states that a buyer is “pre-approved” for a particular loan amount and purchase price. To get a pre-approval letter, you need to submit some basic documentation of your financial situation. Contrast...

Offer Expiration Date

This is one of those terms that sound waaaay more complicated than it really is. It is of, of course, the date on which an offer expires.  Until that date, the seller can accept (i.e. sign) the offer and create a binding contract.  After that date, the seller can...

Multiple Listing Service (or MLS)

A database of the properties for sale in a particular market.  This database is maintained by an organization associated with the local Designated Brokers.  The relationship between the organization and the local brokers differs from state to state and even...

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