Real estate definitions

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Abstract of Title: The chain of ownership of a property. Properties can be merged or split over time, there may be liens or judgments against a property, or boundary disputes. In Georgia, deeds and liens are file at the Clerk of Superior Court in each county courthouse. It is recommended that a thorough examination of title be performed prior to closing any real estate.

Agent: A representative or spokesman for an party entering into a contractual relationship. In real estate, the agent works for a broker that represents customers and clients in real estate activities. Usually, the agent is able to sign documents on behalf of the broker and perform all real estate activities under the broker's supervision. Individuals working for a broker may have a broker's license, but they are still an agent representing the broker and acting on it's behalf.

Broker: An entity licensed to conduct real estate activities for fees or commissions. In most cases, the broker is a corporation or LLC that has licensed agents working for the broker.

Buyer's agency: The real estate licensee is representing the purchaser in a transaction. In Georgia, Buyer's agency requires an executed Buyer's Brokerage Engagement that defines the agency relationship in writing.

Designated Agency: In Georgia and some other states, the law allows a broker to assign two agents, one to represent the seller, and one to represent the purchaser on any listing that the broker holds. In this case, both sides have an agent representing their exclusive interest.

Dual agency: A dual agent is an agent that represents more than one antagonistic party in a transaction. In Georgia, dual agency must be disclosed and agreed to by all parties in writing. Coweta Fayette Real Estate, Inc. never acts as a dual agent, and only represents one side in any transaction.

Inspection Period: Many real estate purchase and sale agreements will have a clause that allows a specific period of time for the purchaser, the purchaser's agents and inspectors to examine a property prior to closing. Please note that all of these times are exact, and if an inspection is desired, it is usually at the expense of the purchaser. Coweta Fayette Real Estate, Inc. always recommends that a purchaser has a property inspected by an accredited ASHI inspector.

Property Survey: The actual act of determining and marking the boundaries of a real estate parcel. Not to be confused with the "Plat of Survey" which is the document created by the surveyor that diagrams the property.

Purchase and Sale Agreement: The "contract" that defines the real estate transaction. This legal instrument identifies the property, the purchase price, the parties to the contract, and every addition detail of the transfer of title from the seller to the purchaser.

Right of Termination: The ability to cancel a purchase and sale agreement during a specific time period. A purchaser may request a right to terminate, pending inspection of a property, or for any other reason. The main advantage of the right to terminate is that it allows a purchaser to "lock in" a property prior to performance of due diligence.

Seller's Agency: The real estate licensee is representing the seller in a transaction. In Georgia, Buyer's agency requires an executed Seller's Brokerage Engagement, commonly called the listing agreement, that defines the agency relationship in writing.

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All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate, Inc. Copyright 2003-2009. Coweta Fayette Real Estate, Inc is an associate broker ERA United Realty in Newnan Georgia. Richard Weisser was formerly a Realtor associate of Keller Williams Realty, Peachtree City - Newnan Georgia. Serving Coweta County, Georgia and Fayette County, Georgia. All information is believed to be accurate but is not warranted. Not all properties are auction properties, please call if you need clarification.. Note: Not all properties are listed by Coweta Fayette Real estate inc, but may be advertised on this site. Coweta Fayette Real Estate, Inc. does not recommend, warrant, guarantee representations made by other parties regarding real estate offerings advertised on these pages.

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