By Sally Tansill, April 1, 2023
When entering a real estate transaction you are faced with terms that make sense to those in the industry but may pose some confusion to the first-time buyer or seller. Here are some definitions to help you navigate:
Selling Agent: Different from a “Seller’s Agent” that helps prepare a listing for their owner client, a “selling agent” identifies properties their clients might be interested in purchasing, contacts the listing agent to set up showings, presents the sellers with offers from their clients and guides them through closing once an offer is accepted. This is also the definition of a buyer’s agent, but it can cause confusion.
Escrow Agent/Officer: Not all states require the use of Escrow to manage a real estate transaction, but for those that do an escrow agent is a neutral third-party entity that holds onto the funds and assets related to the transaction until both parties have satisfied their contractual obligations and the sale can be closed on.
Title Company: The title company is a third party that works on behalf of both the lender and the buyer. You hire them to research and insure the title of the home you’re buying.
1031 Exchange: A 1031 exchange is a swap of one real estate investment property for another that allows capital gains taxes to be deferred. The term—which gets its name from Section 1031 of the Internal Revenue Cose is bandied about by real estate agents, title companies, investors, and more.
Pre-Qualified vs. Pre-Approved: Getting pre-qualified is the first step in securing a home loan and can typically be completed online or even over the phone. Pre-approval, however, requires a more comprehensive analysis of your finances and is advisable for any serious home buyer. Once you are pre-approved, you will receive a letter that can be used as leverage in the buying process.
Closing Costs: Closing costs are typically the costs associated with closing on a property and often refer to the costs charged by a mortgage lender as well as the attorney and title or escrow company handling the closing. There are generally a few categories of costs: closing costs associated with the mortgage loan (lender charges); closing costs charged by the attorney or title company closing the loan (if applicable in your locality or state); and lastly, there are pre-paids, which are separate from closing costs but also count towards the overall amount the buyer has to bring to closing.
Earnest Money: Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home. In most cases, earnest money acts as a deposit on the property you’re looking to buy. You deliver the amount when signing the purchase agreement or the sales contract.
Sally Tansill
Broker | ABR® | HFR | OR
She/Her
Sally moved to Portland with her family in 2012 from Brooklyn, NY, seeking an improved quality of life and a change of pace from her busy career in the sports industry.
Moving with very little personal connection to the city was difficult and at times overwhelming, but she knew it would suit her lifestyle and be a place that reinforced the values she wanted for her children, and she was right! A mother of three (four, including her dog Eli), she has navigated new neighborhoods, schools, and other city resources and looks forward to sharing that knowledge with people looking to create or renew their own sense of place.
The idea of "home" means something different to everyone and Sally's goal for her clients is to find the place where that word resonates for them. Every stage of life provides an element of transition and that often comes with a desire to change your surroundings. For some, it could be a question of space while for others it is changing scenery between the city and the country. Sally has lived in apartments, condominiums, teepees (long story), studios, rented houses, and now owns a home as well as a few rental properties with her husband in Portland.
Sally is an avid skier and music fan and loves that this city provides the opportunity to pursue all of those interests in such an accessible way. Her sports loyalties still lie on the east coast, but she has caught the Portland Timbers bug and loves going to games with her family: the camaraderie is contagious! Ever the optimist, she believes that positive relationships and people are the key to personal and professional success, especially when it comes to real estate! She loves sharing her experience and wants to guide her clients to the place they call home.
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- T: 917-797-2776
- sally@livingroomre.com
