Glossary of Real Estate Terms

So, here's the jargon directly from Mr. Mackey, m'kay?(Southpark Mackey not me :-P)

The words and expressions used by doctors, lawyers, and other professionals may sometimes sound like a foreign language. Because real estate terms also can be confusing, here is a mini-glossary of some of the most common ones:

• Agency: The relationship that a real estate agent has with a client.
• CMA: Comparable Market Analysis, a home evaluation based on properties that have sold in the neighborhood similar to the property being priced.
• Disclosure: An oral and/or written communication about agency, property condition, or other key factors.
• Earnest Money: A good-faith deposit provided as consideration when a buyer offers to the seller of a property a contract to purchase the property.
• MLS: Multiple Listing Service, information on properties that is shared among brokers belonging to a specific multiple listing organization.
• Purchase and Sale Agreement: A contract from the buyer to the seller offering to purchase the property for a certain price.

When you're ready to sell your home, I'll be happy to explain all the terms and transaction details and walk you through the entire process. Please don't hesitate to email or call me (E-mail JordanMackey@reeceandnichols.com and phone 913-707-7314) if I can help you or answer any questions.