Real Estate 101

 

gold-real-estate-2I believe understanding the terminology in any profession is a key factor to succeeding, especially in Real Estate. There is so many important real estate terms to understand and even learning the jargon of real estate may be difficult to some.   It is important for anyone in real estate to have an idea of what they are talking about. Here are some real estate terms and abbreviations to start!

Closing

The closing is what every buyer enjoys. The equity of the property gets transferred over from the seller to the buyer

Closing Costs

Closing costs can be a variety of different things during the closing. Title Insurance, Broker’s Commission and Transfer Tax are just a few expenses that occur during a purchase

Real Estate Broker

A Real Estate Broker has important role in the Real Estate business. They are the ones who hope to bring the cash flow in by getting in touch with both buyers and sellers who want to make a deal. Once they get this to happen, they will then negotiate contracts between the two of them.

Real Property Tax Lien

A tax lien is imposed on an owner’s property by the government once the owner does not pay local and state taxes.

Title Insurance:

Title Insurance is a form of compensation insurance which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.

Contingency: A contingency is what keeps an agreement between a buyer and a seller from being legal until a plan that was spoken about it is met.

Listing: A listing is when a homeowner allows a broker to put their house on the market for someone to buy. The homeowner and the broker must come in full agreement of all the terms before it goes on the market.

Abbreviations:

3BR- 3 Bedrooms

1 LV 2 LV- 1 or 2 Living Area

4BR/3BA/2C – 4 Bedrooms/3 Bathrooms/ 2 Car Garage

FHA- Federal Home Loan

HVAC- Heating, Ventilation, and Air Conditioning

AICUZ- Air Installations Compatible Use Zones

ASB- Asbestos Siding

For more information, check out: http://www.realtor.com/advice/short-guide-real-estate-lingo/

Dallas Real Estate Rising to the Top

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At the top of the real estate list we have Dallas. Yes, Dallas- not its sister city Houston, which has been at the top of the real estate market for the past number of years. Dallas is extremely hot right now due to investors earning almost 20% unleveraged return for residential real estate investments. As of late, Dallas’ job market has become very strong, thus leading to a shift in the real estate market. In the past two years the city has added over 250,000 jobs, causing an influx of inhabitants to the city. The majority of jobs in Houston are tied to the energy industry, while jobs in Dallas are not. Dallas has more of the variety of different jobs to choose from causing more investors, young professionals, and citizens to want to migrate there. With the job market booming and young professionals flocking to the city, demand increases and local economy gathers the benefits of a growing population.  Another important reason why Dallas is on the rise is because of the surge of revitalization efforts.  These efforts will only benefit the city because it will draw more businesses and people to come to Dallas. They are transforming “bad neighborhoods” into valuable real estate for those looking to get close to the prime downtown cityscape.

Downtown Dallas is another reason people are flocking to the city. It is an awesome place to be around because you will never run out of things  to do. Many people enjoy the exciting nightclubs, or even a romantic dinner at one Dallas’ 4-star restaurants. If you are someone who loves to get those breathtaking skyline views I would definitely suggest you take an elevator to the top of the Reunion Tower for one of the best views in town.

Another prime real estate location to consider when you are in Dallas is the American Airlines Center, home of the Dallas Mavericks basketball team and the Dallas Stars hockey team. This is a premier sports and entertainment venue with seating capacities of 20,000 attendees for concerts, 19,200 for basketball, 18,000 for hockey, including 142 luxury suites. Thus, the American Airlines Center is equipped to host nearly any size event. This remarkable facility is one the bright spots in the landscape of downtown Dallas.

To find more information about rise of Dallas, check out

http://blog.memphisinvest.com/dallas-real-estate-rises-to-top-market-to-watch