Real Estate Definitions Every Seller Should Know

When it comes to selling a home there's a lot to know beyond staging and setting a reasonable list price. As with any industry, there are real estate definitions (homestead, quit-claim) and a set of acronyms (DOM, CMA) that might seem a bit foreign if you've never sold a home before.

Turn to this glossary when you're just not sure if "dual agent" means two real estate agents will be working on your contract or that one agent represents both the buyer and the seller (it's the latter). Read on for more need-to-know terms when selling a home.

Affidavit of title: A written statement that sellers make under oath certifying that they are in possession of the property, and that since the examination of the title on the date of the contracts no defects have occurred in the title. Marital status is also stated.

Agent: The licensed real estate salesperson or broker who represents buyers or sellers.

Appraisal: The estimated current market value of a property, as determined by a professional appraiser -- usually by comparing the property to recent sales of similar ones.

Assessed value: The value of real estate property as determined by an assessor, typically from the county.

"As-is": A contract or listing clause stating that the seller will not repair or correct any problems with the property.