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terminology

“Final Acceptance” ” Real Estate Edition

Real Estate Terminology 101 “Final acceptance” sounds like something that happens in a hospice, or perhaps what Woody Allen has been seeking in therapy all these years. Fortunately, the real estate version is not so macabre:  it’s just a fancy way of saying, “Done Deal!” “Signed, Sealed, & (Constructively) Delivered” Specifically, “Final Acceptance” refers to...
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What’s in a Name? From “Settlement Statement” to “HUD-1” to “ALTA” Back to “Settlement Statement”

“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . the settlement statement (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal...
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“Pending” vs. “Assessed” vs. “Payable” vs. “Levied” . . . Huh?!?

Best Advice to Home Sellers:  “Tell What You Know” Homeowners can be forgiven for not knowing the difference between a special assessment that’s “pending,” vs. one’s that “levied” ” as opposed to one that is assessed and currently payable. Realtors have trouble keeping those terms straight as well. The best advice to give prospective home...
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Real Estate Term of the Day: “Puff Back”

Your first year in real estate, every term is a new term. Your 16th year, not so much . . . Now, I’m lucky if I learn 1-2 new (to me) real estate terms per year — usually at a continuing ed class I attend outside my region. Egg Soot on Your Face So, at least one...
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“Final Acceptance” ” Real Estate Edition

Real Estate Terminology 101 “Final acceptance” sounds like something that happens in a hospice, or perhaps what Woody Allen has been seeking in therapy all these years. Fortunately, the real estate version is not so macabre:  it’s just a fancy way of saying, “Done Deal!” “Signed, Sealed, & (Constructively) Delivered” Specifically, “Final Acceptance” refers to...
Read More

9. What’s in a Name? From “Settlement Statement” to “HUD-1” to “ALTA” Back to “Settlement Statement”

“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . the settlement statement (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal...
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