My ServicesReal Estate Glossary

Real Estate Glossary

Agents

agency
The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.

buyer's agent
An agent who works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity.

seller's agent
An agent who works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity.

transaction broker
An agent who assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement , fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties.

listing
A piece of property placed on the market by a listing agent.

open house
A marketing tool in which a listing agent opens a house to the public for viewing.

open listing
A property given to a number of brokers to market at the same time.

real estate agent
A person licensed by a state to represent a buyer or a seller in a real estate transaction in exchange for a commission. Unless they are also brokers, agents must work in association with a Breckenridge Co real estate broker or brokerage company.

real estate broker
A person, corporation, or partnership licensed by a state to represent a buyer or seller in a real estate transaction in exchange for a commission. Brokers supervise licensed sales agents, who then act for the broker (who is legally the principal agent in any transaction).

Realtor
A designation for an agent or broker who is a member of the National Association of Realtors.

top producer
A real state industry term that refers to agents and brokers who sell a high volume of homes.

[top]

Buying

appreciation
An increase in the value of a home or other property.

as-is condition
The purchase or sale of a property in its existing condition.

asking price
A seller's initial price for a property.

backup offer
A secondary bid for a property that the seller will accept if the first offer fails.

comparative market analysis
An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.

condominium
Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms, and recreational areas are owned by all the residents.

counteroffer
A response to an offer.

disclosure
A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.

fixer-upper
A house that needs refurbishment or remodeling and usually sells at a below-market price.

listing
A piece of property placed on the market by a listing agent.

market value
The price that a piece of property sells for at a particular point in time.

motivated seller
A seller with a strong incentive to make a deal.

move-up buyer
A buyer who has purchased a home before and is looking for a bigger or more expensive home.

multiple listing service (Breckenridge MLS)
A service that combines listings of all available homes in an area into one directory or database, with the exception of For Sale By Owner (FSBO) properties.

multiple offers
More than one purchase offer made on a property. Multiple offers commonly occur in seller's markets or hot neighborhoods.

open house
A marketing tool in which a listing agent opens a house to the public for viewing.

townhouse
An attached home that is not a condominium.

tract home
Another term for a production home, a mass-produced house constructed by one builder in a project.

[top]

Closing

clear title
A title to property that does not have liens, defects, or other legal encumbrances.

closing
The final procedure in which documents are signed and recorded and the property is transferred.

closing costs
Expenses incidental to the sale of real estate, including loan, title, and appraisal fees. These costs exist in addition to the price of the property and are paid at closing. Some are one-time expenses and some are recurring.

closing statement
A document which details the final financial settlement between a buyer and seller and the costs paid by each party.

escrow
A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a borrower's monthly payments on property taxes and insurance.

possession
A buyer officially takes possession of a house upon signing the closing papers and receiving the keys.

purchase agreement
A document that details the purchase price and conditions of the transaction.

recorder
A public official responsible for keeping record of all real estate transactions.

title
The legal document conferring ownership of a piece of real estate.

transfer of ownership
Any legal means by which a piece of real estate changes hands.

transfer tax
An assessment by state or local authorities at the time a piece of property changes hands.

walk-through
A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.

[top]

Contract

acceptance
The seller's written approval of a buyer's offer.

addendum
An addition or change to a contract.

backup offer
A secondary bid for a property that the seller will accept if the first offer fails.

contingency
A condition specified in a purchase contract, such as a satisfactory home inspection.

contract to purchase A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.

counteroffer
A response to an offer.

[top]

Credit

assets
Items of value which include cash, real estate, securities, and investments.

bankruptcy
A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven to 10 years and can severely limit a person's ability to borrow.

Consumer Credit Counseling Service (CCCS)
A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910. Phone: (800) 388–2227.

credit
The money a lender extends to a buyer for a commitment to repay the loan within a certain time frame.

credit rating
The degree of creditworthiness assigned to a person based on credit history and financial status.

credit report
A detailed account of an individual's credit, employment, and residence history. A lender uses this report to determine a loan applicant's creditworthiness.The three largest credit bureaus are Trans Union Corp., Equifax, and Experian (formerly TRW).

debt
Any amount one person owes to another.

Equifax
Equifax Credit Information Services, Inc., is one of the “Big Three” credit-reporting bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374. URL: http://www.equifax.com. Phone: (800) 685–1111.

liabilities
A borrower's debts and financial obligations.

[top]

Inspection

asbestos
A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.

dry rot
A fungal decay that causes wood to become brittle and crumble.

disclosure
A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.

home inspection
An examination of a home's construction, condition, and internal systems by an inspector or contractor prior to purchase.

pest-control inspection
A common pest-control inspection is a termite inspection, which is required in some states, such as California.

radon
A ground-generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets. A serious health hazard.

walk-through
A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.

[top]

Law

arbitration
A method of resolving a dispute in which a third party renders a decision.

boundary
The dividing line between two adjacent properties.

breach of contract
The failure to perform provisions of a contract without a legal excuse.

building code
A comprehensive set of laws that controls the construction or remodeling of a home or other structure.

cancellation clause A clause that details the conditions under which each party may terminate the agreement.

cloud on title
An invalid encumbrance on real property.

community property
Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states.

conveyance
The transfer of title of property.

deed of trust
A document that gives a lender the right to foreclose on a piece of property if the borrower defaults on the loan.

fee simple
This type of ownership, also called fee simple absolute, is the maximum interest a person can have in a piece of real estate. It entitles the owner to use the property in any manner they see fit, in accordance with state and local laws.

foreclosure
Legal process by which a lender ends the borrower's interest in a property after a loan is defaulted. The lender may sell the property and keep the proceeds for mortgage and legal costs, using excess proceeds to satisfy other liens or return to the borrower.

tenancy in common
Concurrent ownership of property between two or more people, in which each has an undivided interest in the whole property.

joint tenancy
Ownership by two or more people that gives equal shares of a piece of property. Rights pass to the surviving owner or owners.

liquidated damages
A sum of money specified in the purchase contract to be paid by one party to the other in the event of a breach of contract.

property line
The official dividing line between properties.

real property
Land and any permanent fixtures on it, including buildings, trees, and other fixtures.

tenancy by the entirety
Ownership by a husband and wife in which they together hold title to the whole property with right of survivorship.

title
The legal document conferring ownership of a piece of real estate.

title company
A firm that ensures that the property title is clear and provides title insurance.

title search
The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.

zoning
Regulations that control the use of land within a jurisdiction.

[top]

Financing

amortization
The process of paying the principal and interest on a loan through regularly scheduled installments. Initially, most of each payment is applied toward interest owed, and later in the loan term increasingly applied toward principal.

annual percentage rate (APR)
A measure of interest rate that expresses the cost of a mortgage as a yearly rate on the loan balance. The APR assumes the loan is held for its full term. For adjustable-rate loans, the APR assumes the loan's index doesn't change from its initial value.

appraisal
An opinion of the value of a property at a given point in time. in summit county colorado who pays real estate commission?

basis point
A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.

fixed-rate mortgage
A home loan with an interest rate that will remain at a specific rate for the term of the loan. About 75 percent of all home mortgages have fixed rates.

interest rate
The fee, expressed as a percentage, charged for a loan. The interest rate also helps determine the monthly payment. For adjustable-rate loans, the interest rate may change from its initial level.

lender
A bank, savings institution, or mortgage company that offers home loans.

loan application
The first step toward submitting a home loan requires the borrower to itemize basic financial information.

mortgage
In casual use, a sum of money borrowed to purchase a home at a certain interest rate using the property as collateral. In formal use, a mortgage is the legal document that pledges property as collateral for a loan.

mortgage banker
A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae.

mortgage broker
A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.

mortgage-interest deduction
The tax write-off that the Internal Revenue Service allows most owners to claim for annual interest payments made on real estate loans.

prequalification
A lender's preliminary assessment of a buyer's ability to pay for a home, and an estimate of how much the buyer may borrow.

refinancing
The process of replacing an older mortgage with a new mortgage that has better terms.

underwriting
The process in which lenders evaluate the risks posed by a particular borrower and set appropriate conditions for the loan.

[top]

Selling

appreciation
An increase in the value of a home or other property.

comparative market analysis
An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.

disclosure
A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.

market value
The price that a piece of property sells for at a particular point in time.

motivated buyer
A buyer with a strong incentive to make a purchase.

move-up buyer
A buyer who has purchased a home before and is looking for a bigger or more expensive home.
move-in condition
A house that is ready for a new occupant.

multiple listing service (MLS)
A service that combines listings of all available homes in an area into one directory or database, with the exception of For Sale By Owner (FSBO) properties.

multiple offers
More than one purchase offer made on a property. Multiple offers commonly occur in seller's markets or hot neighborhoods.

open listing
A property given to a number of brokers to market at the same time.

price range
The upper and lower limit of what a buyer is willing to pay for a home.

property value
The value of a piece of property, based on the price a buyer will pay at a given time.

real estate
Land and anything permanently affixed to it, including buildings.

resale value
A property's future value, which can be affected by many factors including the surrounding neighborhood, school district scores, and economic and housing market conditions.

seller's market
A hot real estate market in which sellers have the advantage and multiple offers are common.

trading down
Buying a home that is less expensive than the one's current house.

trading up
Buying a home that is more expensive than one's current house.

[top]

Taxes/Insurance

assessed value
A tax assessor's determination of the value of a home in order to calculate a tax base.

capital gains tax
A tax placed on profits from the sale of real estate or investments.

conveyance tax
A tax imposed on the transfer of real property.

earthquake insurance
A policy that provides coverage against damage to a home from an earthquake.

flood insurance
Hazard coverage that is required in designated flood areas.

homeowner's insurance
This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.

home warranty
A type of insurance that covers repairs to certain parts of a house and some fixtures.

insurance
Owners and buyers can purchase various types of insurance including hazard, private mortgage, and earthquake. The policies guarantee compensation for specific losses.

mortgage-interest deduction
The tax write-off that the Internal Revenue Service allows most owners to claim for annual interest payments made on real estate loans.

passive loss
A tax term that refers to any loss from a passive activity, such as the ownership but not the operation of a piece of rental real estate.

property tax
Tax paid on privately owned property. Property taxes are usually paid semiannually, or monthly if the lender requires. The amount is based on local tax rates and assessed property value.

property tax deduction
The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes.

tax deduction
A tax break given by the government. Mortgage interest, loan points, and property taxes can be deducted.

tax lien
A lien placed against a property for nonpayment of taxes.

tax shelter
A term often applied to real estate investment, referring to various tax advantages.

title insurance
A policy issued to lenders and buyers to protect against loss due to disputed property ownership.

transfer tax
An assessment by state or local authorities at the time a piece of property changes hands.

[top]

Breckenridge Real Estate commission

 

Feature property


Three Peaks Golf Course Sub Silverthorne $1,195,500

Handmade prime home with 3 bedrooms 3.5 bathrooms with unparalleled European design, one of a kind in all Summit County real estate. Every single detail is custom-made. You will love beautiful views from.. View all our feature listings

Market Data

Summit County
Sales Price Single Family$867,358
Days on Market 231
Avg. Sales Price/List Price93.55%
Price/Square ft. $345
Number of Sales1012
Total Sale Volume $665,696,780

New Listing

4 Bedroom Single Family Home in Peak Seven West Sub $534,000

Fantastic deal on this 2282 sq ft Peak 7 home. Mountain views to Williams Fork from the exceptionally large fenced in back yard with room for garage. ...
View all new listings in the past 3 days