As-is: referring to the condition of a property as viewed through negotiations, or when establishing a listing for sale. As-is typically means that the current state of the property should be disclosed accurately, but no representations are being made by the sellers regarding any repairs or upgrades that may be needed.

Bidding war: competitive process that can take place when buying or selling real estate. It occurs when multiple buyers express interest in a property and each one tries to outbid the other with a higher offer.

Capital Gains: financial profit made upon the sale of an asset. Capital Gains in terms of real estate occur when a person sells their property for a higher price than what they bought it for.

Closing: the completion of the sale and purchase of a property, as well as the closing documents that must be signed within a certain period of time, typically taking place in an attorney’s office or closing agent’s office

Commission: fee that real estate agents are paid for their services. Commission fees are usually negotiated between parties and usually depend on the amount of work to be done, such as listing the property for sale or searching for a buyer.

Comparable Market Analysis (Comps): process used by real estate professionals to assess the value of a given property based on market conditions and comparable homes that have recently sold in the area, providing an estimate or opinion of the price at which a current home may sell or appraise

Contingency: clause in a contract or offer on a property that makes the transaction dependent upon the occurrence of a certain event (e.g. sale is contingent on obtaining financing within a certain period of time)

Contract of Sale (or Purchase Agreement):
agreement between a seller and buyer for the conveyance of real estate used to outline the terms and conditions that accompany the sale of a property, including timelines for closing, required deposits, inclusions and exclusions, attorney review provisions (where applicable), information related to the title condition, and other pertinent details about the property itself

Counteroffer: response to an offer made during a real estate transaction, which will typically include any changes or modifications requested by the buyer or seller that has not been agreed upon in the initial offer. Counteroffers can include details such as additional incentives, higher purchase prices, different financing terms, and other requests that would alter the agreement of the original offer.

Curb appeal: refers to the attractiveness of a property from the exterior. Curb appeal primarily considers the yard, exterior structure, and features such as shutters, fencing, or other decorations. 

Depreciation: loss of value over time due to wear and tear. Depreciation is an accounting term that refers to the decrease in the value of assets such as buildings, machinery, or furniture. 

Deed: legally binding document that conveys ownership of real property, describing the owner and the property they are transferring, such as their name, address, and title to the real estate. It also outlines exactly what is being conveyed and must be signed by all parties, witnessed, and notarized if required in order for it to be valid.

Disclosure: gives all parties the necessary information about the property and the transaction process. Disclosure statements might include information on local zoning ordinances, private easements, hazardous material near the property in question, and past ownership details.

Inclusions: items that will be included with the purchase of a property or home. In most cases, inclusions can range from appliances, fixtures, and window treatments such as blinds, curtains, or drapes to furniture and other items.

List price: the asking price for a property when it first becomes available for sale. List Price serves as an opening statement that gives potential buyers an idea as to how much the seller expects to receive for their property.

Market Value: appraised value of a property based on an estimated price by a local appraisal professional. Market Value is the most probable selling price of a home if it were to be listed on the market today and given reasonable time to attract potential buyers.

Offer: written correspondence from a buyer to a seller that indicates the buyer’s intention to purchase the property. This offer typically includes details of the sale transaction such as price, terms, contingencies, and time frames.

Pending Contract: an agreement between a buyer and a seller that has been accepted, but hasn’t been finalized yet. Pending Contracts can include contracts between realtors and buyers, or they can be agreements that are simply waiting for certain conditions or timelines to be met in order for it to move forward. 

Staging: strategically arranging furniture, art, decor, and other personal items so that they enhance the features of a home. Staging can include decluttering, rearranging furniture, and changing light fixtures in order to create an environment that is aesthetically pleasing and pulls together the space.

Title: a legal document, including any associated instruments and documents, that conveys a person or entity’s rights of ownership to a piece of real property. A title provides protection against fraud and also serves as evidence of a title agreement between two parties.

Under Contract: when a buyer and seller of a property have reached an agreement and their rights and obligations are documented in a legally binding document. Under Contract usually designates that the buyer has made an offer, the seller has accepted it, and it has been written down in a contract. 


Ready to sell on Maui?

If you're looking for a reliable and knowledgeable real estate agent on Maui, look no further than Chaston Marcos of Keller Williams! Working with Chaston is the ideal way to ensure that you get the best sale price on your home. Not only is he an experienced realtor, but he works hard to ensure deadlines are met and paperwork is taken care of with minimal hassle for his clients. He's always available to answer questions and provide guidance throughout each step — from preparing your home to closing on the deal — so that you can relax knowing that everything is taken care of efficiently and thoroughly.