A person who has taken courses and licensed by the State of Washington to act on behalf of a real estate firm. Formerly known as agents, the State of Washington now recognizes licensed individuals as brokers working under a real estate brokerage.
A homeowners association or HOA is a nonprofit association that manages common areas of a condominium or planned unit development. Owners pay a fee to the association to maintain certain areas that are owned jointly by everyone in the development.
Title insurance protects the lender and buyer from any losses that are incurred as a result of disputes over the title of the property.
An escrow officer is typically employed by the title company that you are working with and they walk you through the closing process. They are responsible for oversee the escrow process as a neutral party. They ensure that they transaction is executed properly and legally and perform title searches, prepare paperwork and witness document signings.
A multiple listing service (MLS) is an online listing service that compiles all properties that are listed with a realtor. Brokers utilize the MLS to find homes in a certain price range or area. Washington utilizes the Northwest Multiple Listing Service (NWMLS).
This is the percentage of a person’s monthly earnings used to pay off all debt obligations.
A contingency clause is a condition or action that must be met for a contract to become binding. When both the buyer and the seller agrees to the terms and signs a contract, then the contingency will become part of the binding sales contract.
A broker is a real estate agent who is licensed by the state and has taken courses to become a broker.
FSBO stands for For Sale By Owner. This means the owners are selling the property without the help and representation of a broker.
Closing costs are the fees paid at the closing of a real estate transaction by buyers and sellers in transferring ownership of a property.