Real Estate Q&A Some professional terms you should know

Real Estate Q&A Some professional terms you should know In the process of buying and selling a house, we will hear or see some real estate-related terms, what do you think...

Real Estate Q&A Some professional terms you should know In the process of buying and selling a house, we will hear or see some real estate-related terms, how much do you know about these terms and terms? Please refer to the following questions and answers, which may be helpful to your real estate transaction. 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. Q: What is SPDS? A: 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 data such as: correct address, current owner, HOA name, fees, condition of the house, known problems, etc. Q: What is COE (Closed of Escrow)? A: COE is the abbreviation of Close of Escrow. It is the last step in the real estate transaction. According to the conditions agreed by the buyer and seller, the Escrow Company handles the handover, payment, and registration of property rights on the handover date. Q: What is a Buyer Market? A: The so-called buyer's market refers to an oversupply of houses for sale in a certain real estate area, which results in a longer period of time for houses to be sold and a fall in house prices. Q: What is a Seller Market? A: The so-called seller's market means that the number of houses for sale on the market cannot satisfy the number of home buyers, resulting in houses being sold in a short period of time and house prices rising. 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