#1 real estate term

ARV (after repair value)

the “potential” market value of the property after fix’s and renovations.

MLS (multiple listing service)

a “private” real estate database log, that can show you “specific” properties for sales in any area.

Environmental Report (ESA)

an assessment done on an area to determine whether it’s livable and mitigate safety risk in 3 phases.

Cash offer

an offer purchase agreeing to buy real estate upfront, out pocket, without financing.

Housing & Urban Development (HUD)

a settlement statement, final closing form, and last contract showing all financial sourcing and details.

Purchase & sales assignable

the contract between you and the seller, NOT marked as non assignable. Allowing you to assign the contract to a buyer.

Assignment of Contract

the assignor signs a contract with seller that includes a specific clause that allows assignor to assign contract over to a third party making them the new buyer.

Closing costs

a collection of fees at the end of closing a real estate deal, usually by both the buyer and seller.

these fees cover attorney fees, and a portion of property taxes.

Closing table

a physical location usually a title company or attorneys office, where property sale is finalized, with all parties meeting to sign documents and transfer ownership.

Perk Test (percolation test)

a test done by a sewer scientist that shows how well the soil can absorb the wastewater coming from the property for a septic system.