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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 |
|
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 |
|
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'll 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're happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
| Q |
What is the average age of a first-time homebuyer in the United States today?
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| A |
The average age of a first-time U.S. home buyer is 32 years. |
 See More Real Estate Trivia > |
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Matthew Chae & the Helping You Home Team
Keller Williams Realty
12700 Fair Lakes Circle, Suite 120
Fairfax, VA 22033
703-266-4544
Fax: 703-547-8747
matthewchae@NUMBER1EXPERT.com
With over 30 years in northern Virginia and more than 13 years of sales and consulting experience, Matthew uses his wealth of real estate market knowledge and experience to provide his clients with the best experience during a real estate transaction. He understands that home buying or selling is a very big step and works diligently to make sure his clients are taken care of and supported throughout the entire process. His goal is NOT to “sell” his clients but rather to consult and help them on their real estate needs.
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