Like other trades and industries, real estate has a language all its own. For someone who isn't experienced with real estate terminology the language can be both confusing and intimidating. Some of the basic terms you may run into are as follows. A 'listing agreement' is a contract that's signed between a person trying to sell property and the agent they're using. 'Disclosure' is a principle outlined by state law that requires a person to inform a potential buyer of all pertinent information about the property. The 'implied warranty of Habitability' is a law that requires the landlord to keep properties up to a level suitable for human habitation. To curtail discriminatory housing practices, the federal government passed the 'Fair Housing Act'. This document serves to guarantee certain rights to everyone seeking housing in the United States. 'Probate sales' are sales that result from the death of a property owner. In this situation, the courts appoint an 'Executor' to carry out the sale of the property so that the money may be divided among all heirs. These are merely a few of the terms that one might run across in the real estate market. For more information about real estate terminology, contact a real estate lawyer in your area.
