Chris Graves, Certified Mortgage Advisor

Providing Mortgage Services in MA, NH, ME, RI and FL

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Definitions On Common Real Estate Phrases In MA

The home buying and selling process is complex enough already. Real estate phrases can complicate it further, particularly if it is your first time buying a home. Below you will find definitions on common real estate phrases in MA. This will help you better digest the buying and selling process.

Common Real Estate Phrases In MA

CMA

CMA stands for Comparative Market Analysis. This is a document that compares your real estate to similar-styled homes that recently sold in the area. It typically provides a price range for which your real estate may sell in the existing market.

MLS

MLS stands for Multiple Listing Service. This is a system where real estate professionals enter properties for sale. Different areas usually have separate MLS systems, and some states may have multiple ones. The general public is not given direct access to this date but may receive access through allowed parties.

Assessed Valuation

This is the value placed on homes by a local tax assessor and used to levy real estate property taxes. Assessed amounts have no bearing on the listing price of a home.

Walk-Thru

Walk-thrus commonly take place shortly before a closing. It permits a buyer to quickly inspect a home and to ensure that the condition has not altered from the last time the buyer inspected it.

Contract Terms

Contingency

A contingency is a condition required for an individual to proceed with a home sale or purchase. For example, the purchase could be contingent on the sale of their old property. Other frequently used contingencies are for performance of a home inspection and receipt of a loan commitment.

Good Faith Money

Good faith money applies to deposits submitted by a buyer as part of a contract to purchase real estate. It confirms that a buyer is serious and is moving forward in good faith. Deposits are almost always retained by the listing agency for a seller and returned to a buyer at closing.

Closing Date

A closing is when documentation is completed, funds are exchanged, and a home legally transfers from the seller to the buyer. P&S agreements always have a closing date and location specified.

More Real Estate Phrases

This article provides definitions on common real estate phrases in MA and entails only the most basic terms. For more detailed real estate terms and guidance, contact Christopher Graves at 781-759-1200 x22 or christopher.d.graves@gmail.com.

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.