Breaking The Code:
Every industry and profession has its own short forms and acronyms, but those terms make it difficult for an ‘outsider’ to follow what’s going on.
Think of your own business. Would your friends or spouse know what you were talking about if you started firing your "work speak" at them? Of course not! But when you decide to buy a home, it can pay to get educated about all the different terms real estate and mortgage people use so that you can keep up to speed.
Consider this your ‘real estate speak’ primer!
Real Estate: Includes real property, leaseholds or the sale of a business, whether with or without the building. Most typically it includes the house (or condo) and the land beneath it, although some homes in Toronto come with land leases.
Real Estate Broker or Salesperson: An intermediary between the buyer and seller who is licensed to carry out such activities. A buyer agent is a salesperson who signs contracts with purchasers and who works (and negotiates) on their behalf.
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