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Real Estate Mailbox Richard Liao In the process of buying and selling a house, we will hear or see some terms related to real estate. What do you think about these...

Richard Liao

In the process of buying and selling houses, we will hear or see some terms related to real estate. How much do you know about these words and terms? Please refer to the following questions and answers, which may be helpful to your real estate transaction.

Q: What is a Purchase Agreement? A: This is a purchase contract signed by the buyer and seller of a house. This contract is usually drawn up by a real estate agent and signed by the buyer and seller.

Q: What is an Appraisal? A: An Appraisal is a market value report on a specified real estate subject made by a licensed professional appraiser on a specific date.

Question: What is SPDS? Answer: SPDS is the abbreviation of Seller’s Property Disclosure Statement. In Arizona’s standardized house purchase contract, it is pre-recorded that this document must be provided by the seller within 5 days after the house purchase contract is established. It records information such as: correct address, current owner, HOA name, fees, condition of the house, known problems, etc.

Question: What is COE (Closed of Escrow)? Answer: COE is the abbreviation of Close of Escrow, which is the last step in the real estate transaction. According to the conditions agreed by the buyer and the seller, the Escrow Company handles the handover, payment, and registration of property rights on the handover date.

If you have any questions about real estate, you are very welcome to call my hotline (480) 612-4545 or email to Rich@RichLiao.com