Real EstateTerminology | We Speak The REALTOR Language.
Real estate terminology, what the words used in listing, selling, lending and legal circles and beyond really mean.
It’s like heading to a foreign country. When terms that sound Latin, Greek, Klingon and so many are not words at all but a strange combination of letters.
Abbreviations of longer real estate words, term phrasiology to confuse.
Because it is not everyday that you and I personal buy or sell our own real estate. For approaching thirty six years, we have learned much in the real estate trenches. And like a library of real estate terms, the expressions need a glossary. That matches the local area where they apply.
Knowing that no two real estate markets operate the same, it is logical that the terms used in one don’t apply in another.
Because real estate is a big arena.
Lots of bleacher sections. And areas within areas as you expand. From just the real estate terms that apply to listings, those to the sales process.
Even more describing the properties themselves. And then all the lingo when you enter a bank mortgage lender lobby. Or sit down around a conference room table at a real estate closing. Led by a person with esquire tacked on after their birth name.
So already you have been learning real estate.
Because we used the terms property, listing, closing and because we eat, breathe, operate in those real estate circles, it is hard to remember sometimes we are losing others in the discussion.
Also, I make it a habit to always, always tell a buyer or seller to raise their hand. If the explanation for any question whatsoever is given but just wears off. The spell is broken. If the answer is not lasting or brings up the same or other questions, then I need another shot.
To explain it so there is no longer any question about a particular real estate term.
I did not explain it adequately if the question about any aspect of the real estate process, the expectations we set is vague.
It is scary and exciting at the same time. Bittersweet buying or selling real estate property listings in Maine. Home is is supposed to be a safe place to call your own.
Real estate is emotional because people are involved too. And everything that happens in life is somehow tied to a piece of real estate. Because you need shelter, a place to raise a family, to rent out to others for a residential or commercial use. Everything, everyone somehow needs a home to shake and bake, just the way things roll.
Santa needs a home for deliveries, the stork too.
And what is a REALTOR, difference between, over a real estate agent or broker?
Real estate agents, brokers are not a member of the Maine or National REALTOR’s Association. A real estate agent works under a designated broker. We are members, active in both MAR, NAR REALTOR groups.
The investment in real estate, a property listing is a source of pride and makes you feel intimately part of the community. Suddenly caring very much how property taxes are spent and how high they are on whatever you own in the town assessor’s office where it is located.
So real estate terms, the terminology that applies to it starts with the Maine land.
Underneath all is the land and there is no more real estate land being made. The improvements to the land are the value added.
A drilled well, a concrete private septic system or new garage added to the existing or new construction building whatever it’s use.
Those are all areas that make each individual real estate property listing different than all the rest.
So Maine land terms because we are a rural country real estate broker and not an urban peddler of property or rental space… an agent, broker.
Land is measured in acreage. In Canada it is hectars vs acres for a land measurement. An acre is almost 208’x 208′ for a measurement. Hectars are smaller, things are in metric across the border eh?
Acreage is all different because like people soils are different. Here is a run down of soil types in Maine. More on buying or selling Maine land and what terms are involved in discussing property listing acreages.
And real estate land encroachments, easements, what are those all about? That interfere or can in some cases of easements enhance the land use. Here are a few more terms heard at the real estate closing .
Have a specific question about a real estate term?
Reach out, let us hear it. We will expand on the topic or may have a blog post already written to help you drill down through the information. Until you get the full meal and are well fed, no longer thirsty for real estate term knowledge.
207.532.6573 | [email protected] |
MOOERS REALTY 69 North Street Houlton Maine 04730