architecture-1836070_1920If you’re a new real estate agent or a soon-to-be homebuyer, one of the most difficult challenges you face is becoming familiar with the language commonly used in real estate. Pretty soon, you’ll be deciphering new words and many acronyms! Real Estate Closing Solutions, a leading Orlando title insurance company, is providing this short guide to commonly used real estate language so that you are ready for your first day on the job or to purchase your first home.

DOM: This is an acronym for “days on market.” DOM is pretty self-explanatory. This number represents how long a property has been on the market. DOM can be used to negotiate a better offer.

COE: COE refers to “close of escrow.” At the end of a property sale, the close of escrow occurs. During this time, the seller receives their payment, the buyer is recorded as the new owner, and the local government is notified of the transaction.

MLS: This is an acronym for “multiple listing service.” The MLS is a private database that has all the information provided about home for sale. This database can be filtered by realtors to gather information about listing potential buyers might be interested in.

CMA: Meaning “comparative marketing analysis,” a CMA is used to report on the prices of comparable homes. The report features properties that are on the market, we recently sold, or were formerly on the market.

TFT: This is an acronym for “transaction fell through.” This might sound bad, but in reality, it isn’t necessarily negative. Oftentimes, “at no fault of the property” will follow TFT. That indicates that the fallen through transaction was not because of a defect in the property. It means that for a number of various reasons, the buyer could not complete the sale.

Jumping into real estate is an exciting endeavor. Understanding the language used will help make the transition smoother and more enjoyable. Once you’ve found the perfect property, you may look for an Orlando title insurance company. Contact Real Estate Closing Solutions to work with leading Orlando closing agents. We work with Orlando Realtors® to help their clients with title and closing services.