Real Estate has a language all its own. Here's some of the terminology you'll be hearing.

CMA: CMA, or Competitive Market Analysis, is a comparison of homes similar to a seller's home in terms of size, style, features, and location that have sold recently or are on the market. A CMA is prepared by a real estate agent to help set a home's listing price; it is not an appraisal.

Contingency: Commonly, a stated event which must occur before a contract is binding. For example, a home sale may be contingent upon the buyer obtaining financing.

Deposit: A portion of the down payment given by the buyer to the seller or escrow agent with a written offer to purchase. Shows good faith.

Down payment: Cash portion of the purchase price paid by a buyer from his own funds as opposed to that portion which is financed.

Dual Agent: A licensed real estate salesperson who represents both the buyer and the seller in a transaction at the same time. Also applies to a buyer's agent (see above) when the seller's agent works for the same company. In either case, both parties must provide written informed consent to Dual Agency.

Escrow: A procedure in which a third (neutral) party holds all funds, documents, etc. necessary to the sale, with instructions from both buyer and seller as to their use and disposition.

FHA Loan: A loan insured by the Federal Housing Administration, a part of the Department of Housing and Urban Development. FHA insurance enables lenders to make loans to borrowers who might not qualify for conventional mortgages.

Gold Services: Premier Properties, Realtors® expanding array of one-stop shopping services for real estate-related needs, from pre- to post-move. See full overview in Gold Services section of this web site.

Graduated Payment Mortgage: A mortgage initially offering low monthly payments that increase at fixed intervals and at a predetermined rate.

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