Real estate mailbox: glossary of terms SPDS/COE, etc.

Real estate mailbox: glossary of terms SPDS/COE, etc. In the process of buying and selling a house, we will hear or see some real estate-related terms. What do you think about these words...

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.

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, house condition, 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. 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 Home Inspection? Answer: Home Inspection allows home buyers to have a detailed and comprehensive understanding of the condition of the house. A qualified professional home inspector can provide you with an in-depth and impartial home inspection report. The report should record the condition of the house structure, list what needs to be repaired or replaced, and make an assessment of the condition of some major equipment, such as air conditioners, heaters, water heaters, etc. In Arizona's standardized home purchase contract, it is stated in advance that the home buyer has the right to have a professional home inspection within 10 days after the home purchase contract is established, and based on the inspection results, the home seller will be required to make improvements or make a decision on whether to purchase. Therefore, Home Inspection is a guarantee for home buyers.

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