"Leigh Hill is an experienced Realtor, very knowledgeable..."
"Leigh Hill is an experienced Realtor, very knowledgeable and thorough."
Ted Jean
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Welcome > Resources > Real Estate Dictionary - A
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Open listing |
A contract under which the broker is
commissioned to find a buyer before the property is sold by the seller or
another competing broker |
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Option |
The agreement to keep an offer to purchase or
lease open for a specific period of time |
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Option listing |
An agreement by which the broker advertising the
property has the right to purchase the listed property himself |
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Origination fee |
A fee paid to the lender for processing a loan
application |
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Owner financing |
A property transaction for which the seller
provides all or part of the financing to the buyer |
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Owner's Title Insurance |
A policy insuring the full purchase price of a
piece of property for the buyer, usually including adjustments for inflation
each year up to a maximum of 150% of the original policy amount, the premium
for which is payable at the time of closing |
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Did we Miss the Word YOU Are Looking For? Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! we will send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let us know! we always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! we are happy to answer ANY questions. It's our job! There's no obligation, and Leigh and Maria promise to get back to you quickly...
Real Estate Contracts >Contingency Contracts
Buyers walk into your home in your area and fall in love with it. There is one problem--they will have to sell their home before they can buy yours. Their offer contains a contingency clause which makes the purchase dependent upon selling their present home. Should you accept such an offer?
Your decision should be based on several factors. Is their home being professionally marketed at this time, or are they trying to sell it themselves (a risky proposition!)? How long has it been on the market? Is it overpriced? If the house doesn't sell, can the buyers take out a bridge loan or make other arrangements to get to the closing table? How important is timing for you? Will the buyers agree to let you continue marketing your home and accept a non-contingent contract (and void theirs) if their house does not sell? Contingent contracts often work out well, but you need the help of a professional to weigh the pros and cons.
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| Q |
Which home is considered the ultimate in California craftsman-style architecture?
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| A |
Located in Pasadena, the Gamble House, built in 1908 by Charles and Henry Greene, is a National Historic Home open to visitors.
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Leigh Hill and Maria Dudley
Weichert Realtors
142 Main Street
Chester
New Jersey 07930
Leigh Hill's Cell : 908-256-2364
Maria Dudley's Cell: 201-274-5273
E-Fax : 1-888-859-0247
E-Mail: leighHill@aol.com
The Leigh Hill Team is dedicated to providing the best possible professional service in the real estate industry for the past 30 years. Leigh, A NJ MILLION DOLLAR GOLD CLUB Award winner for 7 years, Leigh Hill's priorities include a high degree of quality-executed sales for her and Maria's clients. Leigh and Maria are responsible for some of the most prestigious residential developments,and single family homes in Morris and Somerset County. Their knowledge, honesty and commitment to results are the foremost reasons for their continued success. Contact "The Leigh Hill Team" for all of your real estate needs in Northwest New Jersey.
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