Page 11 - Training Manual Port City Realty Updated

20 terms every agent should be able to explain with ease
1. Agency
2. Closing escrow
Sellers seem to be more confused about this term than buyers, maybe because buyers are facing a due date to fork over a large amount of cash. However, both buyers and sellers often think they have to actually do something on the date escrow closes.
You have to explain that somethings—have to be done a couple of
days before the scheduled date of closing. So, if they’re planning a big trip around that time, they need to tell you now! Otherwise, you could be trying to arrange a signing at the American Embassy in Mexico during Easter week!
3. Contingencies
These come in three varieties:
Inspection contingency: The contract provides the number of days to complete inspections and request repairs or compensation for major flaws uncovered by inspectors. If we have clients in a competitive bidding, we often shorten inspection periods. If we’re getting well inspections or a survey, we ask for more time because those inspections are never fast.
Loan and appraisal contingency: The more they know ahead of time, the less freaked out sellers and buyers get when something like a low appraisal occurs.
Contingency for sale of another property: Many sellers sat on the sidelines until prices for their property recovered from the housing downturn. So we’re seeing more contingent sales since that recovery took place. A contingent sale