If you are hoping to sell your house fast in Fort Myers, there are some real estate terms you should become familiar with. Below, we’ve compiled some of the lesser-known terms you might hear when selling your house in Fort Myers. Please feel free to reach out to us if there is anything else you would like to know about the selling process. We are happy to answer all of your questions. 239-360-3176
If you’re planning to sell your house fast in Fort Myers, understanding key real estate terms will help you make smarter decisions and avoid costly mistakes. Some of the most important terms include:
As-Is Sale – Selling the property in its current condition without making repairs.
Cash Offer – An offer from a buyer who can purchase your home without relying on financing, usually leading to a quicker closing.
Contingencies – Conditions in a contract (like inspections or financing) that must be met before the sale can move forward.
Earnest Money Deposit – A buyer’s good faith deposit that shows commitment to the purchase.
Closing Costs – Fees and expenses paid at the end of the sale, including title fees, taxes, and recording charges.
By knowing these real estate terms, Fort Myers homeowners can feel more confident, communicate effectively with buyers, and achieve a faster, smoother sale.
Appraised Price
An appraised value is an evaluation of a property’s value by a professional appraiser. This can be done during the mortgage origination process or by the buyer or seller privately to help determine the value of the property. An appraisal can also be used for tax purposes or after a divorce.
Assessed Value
The assessed value of your property is a key factor in determining your property tax obligations. Your local property appraiser calculates this value by analyzing several elements: your home’s location, details from property inspections, and comparable recent sales in your neighborhood.
Carrying Costs
Carrying costs represent your ongoing monthly expenses while owning the property. These include your property tax payments, insurance premiums, utility bills, and regular maintenance expenses.
Clear Title
A clear title confirms that the property has no competing ownership claims or outstanding liens against it, providing you with complete and undisputed ownership rights.
Comparative Market Analysis
A comparative market analysis, or CMA, offers valuable insights into your property’s current value. By examining recent neighborhood sales data, this essential tool helps you understand exactly what your home is worth in today’s market.
Contingencies
A contingency is a stipulation in the contract that needs to be met before the contract is legal and binding.
Covenant
A covenant is a binding legal promise or agreement where one party provides specific guarantees to another. For instance, covenants of warranty in a warranty deed ensure the buyer that the seller has clear title to the property being transferred.
Delinquency
When a homeowner falls behind on mortgage payments, they enter into delinquency status. At this critical point, lenders begin their collections efforts, which can quickly escalate to foreclosure proceedings if the situation remains unresolved.
Disclosures
A disclosure is a document that the seller provides the buyer, letting them know about any problems, defects, or known issues with the property. Failing to disclose a problem with your home can be considered fraud.
Encumbrance
An encumbrance is a claim against the property that restricts its transfer or use. A property lien is considered an encumbrance.
Foreclosure
A foreclosure occurs when a homeowner fails to make their mortgage payment, typically for 90 days. The owner waives all rights to the property and the home becomes the possession of the bank.
Inclusions
Inclusions are personal property that is included in the home sale. This can be things like appliances, furniture, or outdoor items.
Market Value
Market value is a valuation of the property in which the parties are free of pressure to complete the transaction and all details of the house are known. It can be formulated by finding the average between the highest price a buyer would pay and the lowest price a seller would accept.
Mechanic’s Lien
A mechanic’s lien is a lien against the property which will secure the payment of contractors, laborers, and those who provide materials.
Negative Amortization
Unlike standard amortization where you gradually pay down your loan, negative amortization occurs when your monthly payments fail to cover even the accruing interest. This results in your total debt actually increasing over time instead of decreasing, putting you in a more challenging financial position.
Quitclaim Deed
A quitclaim deed transfers the interest in real property from one person to another.
Sale-Leaseback
A sale-leaseback occurs when a buyer purchases a property and then leases it back to the occupant.
Short Sale
A short sale occurs when an owner sells their property for less than what is owed, allowing the lender to recoup some of the cost of the loan as an alternative to foreclosure.
Title
Property title represents legal ownership and usage rights for your real estate. Similar to a vehicle’s title, it’s the official document that establishes your claim and rights to the property.
Title Defect
A title defect occurs when there’s an adverse claim within the property’s chain of ownership. These issues can significantly impact who holds legal rights to the property and may complicate real estate transactions.
Waiver
The act of voluntarily relinquishing a right, claim, or privilege. When you sign a waiver, you effectively release the other party from potential liability or responsibility outlined in the agreement.
When trying to sell your house fast in Fort Myers, you will likely hear a lot of real estate jargon thrown your way. It’s important to know what is being said and how the terms used will impact you. Do your homework before selling your house fast in Fort Myers so you don’t miss something you should have been aware of!