If you’re buying or selling a home in Aspen, there are a lot of terms you’ll have to learn – especially if this is your first home.
Here’s what you need to know.
7 Real Estate Terms You Need to Know
Amortization is a system of paying off a mortgage loan that combines interest and principal – it doesn’t require you to pay off interest first.
A public tax assessor will assign a dollar value to your home – that’s called it’s assessed value.
Cash reserves refers to the money the buyer has left over after making a down payment and paying closing costs.
Closing is a meeting between a buyer, seller, real estate agents and other professionals during which the sale of a property is completed.
Closing costs are all the miscellaneous expenses and fees a buyer or seller pays when a real estate transaction closes. These can include mortgage fees, title insurance, and real estate commissions.
CMA stands for comparative market analysis, and it’s a report of similar homes in the area that recently sold or are currently on the market. Your Realtor® uses this to help you set a price to sell your home.
A contingency is a condition in a real estate agreement that has to be met for the sale to take place.
Are You Buying or Selling a Home in Aspen?
Call us at 970-429-8275 or get in touch with us online to tell us what you want from your next home. We’ll begin searching Aspen real estate listings right away. If you’re selling, get your free Aspen real estate market update and find out how we can help you sell your home quickly and at the best price.
While you’re here, you can also browse our:
- Basalt real estate listings
- Carbondale real estate listings
- Snowmass real estate listings
- Woody Creek real estate listings