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 Addenda (Addendum): An attachment to the Purchase & Sale Agreement.Agency: The relationship that a real estate agent has with a customer or client. Buyer Broker: An agent who represents the buyer in a transaction. CMA: Comparable Market Analysis, or an opinion of a home's value. CMHC: A type of loan, government insured financing. Comps: Properties used as" comparables" on a CMA. Disclosure: Verbal and/or written communication regarding agency, property condition, etc. Down payment: Initial investment on a home loan. Deposit: Earnest money deposit or good faith deposit provided as consideration when a buyer offers a contract to a seller. Key box: MLS electronic key which allows agents access to listed properties. List (Listing): When a seller signs a listing agreement with a broker to market their property. Listing Agent: Agent who takes a listing on behalf of the broker. Lock-box: Another term for a key box. Lock-in: A term to obtain the interest rate at today's rate, or lock-in the rate. MLS: Multiple Listing Service. An organization that distributes information on properties listed by MLS member brokers. Property Profile: An informational/fact sheet about a property on the market. Purchase and Sale Agreement: A contract between a buyer and a seller to purchase real property. Transaction: A listing sold or the sale of real property. |
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