Even if you’ve sold a home before, deciphering Boston real estate jargon can still seem impossible. There’s a lot of unique terminology you should know if you want to make the most of your sale, which means it’s crucial to be well-versed in some of the most common home selling terms before you list. If you’re still confused by contingencies or trying to decode disclosures, our glossary of real estate terms is here to get you on track.
Here’s our A to Z list of the most important Boston condo selling vocab every seller should be familiar with. If you don’t see a specific term listed here, feel free to give us a call—we’d love to answer your questions!
Listing a home “as-is” means that you’re selling it in its current state. This term tells buyers that you aren’t willing to make any changes or take money off the price—they will be responsible for handling all repairs.
A contingency is a certain condition that must be met before a home is sold. If a contingency is not met, the buyer or seller can exit the deal, typically with no penalties. Financing, home inspections, and appraisals are just a few common contingencies.
Disclosures refer to any specific defects in a downtown Boston condo that the Seller will be legally obligated to share with a buyer. Required disclosures vary from state to state and even town to town, but your agent should be familiar with the most common types in your Midtown condo building.
This is a security deposit submitted by a Beacon Hill condo buyer after they’ve put in an offer to show that they’re serious about purchasing your home. The money is typically applied towards their closing costs if the sale moves forward.
For Sales By Owner sometimes abbreviated as FSBO, this is when a homeowner tries to sell their property without the help of an agent, usually to avoid paying commission.
A Realtor® is an agent or broker who is a member of the National Association of Realtors. Realtors® are required to follow a strict code of ethics and pay annual membership dues.
Staging is the process of styling and updating your home for potential buyers. It can involve cleaning, repainting, decluttering, making repairs, and moving around furniture to make your space look its best.
When a home is under contract, the seller has accepted an offer from a buyer, and that buyer has the exclusive right to purchase the property.
If you’re getting ready to list your Seaport condo or Beacon Hill condo, we can help you navigate every step of the process. Just reach out to us to learn more about the services we offer to our sellers, and let us know if you have any questions. We’d be happy to lend you our expertise.