Home Seller’s Real Estate Glossary

The price that the seller has agreed to list their property for. The asking price is different from the selling price, which is the final price agreed upon by the buyer and seller.

There is an equal balance of buyers and sellers in the market, which means reasonable offers are often accepted by sellers, homes sell within a reasonable amount of time, and prices remain stable.

A short-term loan designed to bridge the gap for homebuyers who have purchased their new home before selling their existing one. Common in a seller’s market, it allows buyers to purchase without selling first.

There are more homes on the market than there are buyers, giving the limited number of buyers more choice and greater negotiating power. Homes may stay on the market longer, and prices can be stable or dropping.

Unattached items in the home that can be removed without doing any damage, such as curtains — but not the curtain rods, since they are physically attached. Chattels are usually not included with the home purchase, unless specified in the Agreement of Purchase and Sale.

The final step in the home-selling process. Once all conditions outlined in the Agreement of Purchase and Sale have been met, at the end of the closing period, ownership of the property is transferred to the buyer and the keys are exchanged on the closing date. Dates vary by location — ask your real estate agent.

A comparative market analysis is a report on comparable homes in the area that is used to derive an accurate value for the home in question.

When the sale of the home hinges on predetermined conditions, such as conditional on financing or conditional on a satisfactory home inspection. If the conditions are not met, the buyer can back out of the deal.

When the original offer to purchase a home is rejected by the seller, the seller can counteroffer with adjustments — usually to the price or terms of the purchase, such as the closing date.

The appeal of a home when viewed from the curb. Curb appeal includes the home’s exterior, front yard and anything else that’s visible from the street.

Items physically attached to the home that require tools to remove. Fixtures are included as part of the purchase — examples include ceiling lights, cabinet hardware and appliances. If the seller plans to take any with them, remove them prior to listing or specify them in the Agreement of Purchase and Sale.

Acronym for “For Sale By Owner.” The seller has not retained the services of a licensed real estate agent or broker to assist with the sale of their home.

A tool, typically found online, that helps sellers estimate the value of their property. The result is an estimate and is different from a detailed CMA provided by a real estate agent.

The Multiple Listing Service, commonly referred to as MLS, is a database established by cooperating real estate brokers to provide data about properties for sale.

A legal agreement to purchase a home. An offer can be conditional on a number of factors — commonly financing and a home inspection. If the conditions are not met, the buyer can cancel their offer.

There are more buyers than there are homes for sale. With fewer homes available, homes sell quickly, prices are likely to increase, and multiple offers are more likely. Multiple offers give the seller negotiating power and conditional offers may be rejected.

Preparing a home for sale to appeal to a wide range of homebuyers. The staging process often includes decluttering, depersonalizing, deep-cleaning and minor updates such as painting and rearranging furniture.