Albuquerque NM Real Estate Key Terms
Occupancy Permit is a permit granted by the appropriate governmental organization that establishes a building is suitable for habitation.
Offer and Acceptance is two essential component of a valid contract
Offeror is the person that makes the offer.
Offeree is the person that receives the offer.
Open Listing is a listing contract that requires the broker to produce a buyer in order to be paid a commission. In an open listing the no commission is paid to the broker if the owner procures a buyer on their due to their actions.
Option is an agreement to keep open for a predetermined period the right to buyer sell, or lease real property.
Origination Fee is a fee charged by a lender for making a loan.
Owner of Record is the person who appears to in the public records to be the owner of the real property.
Owner’s Title Policy is a title insurance policy that protects the owner from defects in the title. Owner’s title policy is normally in the amount of the appraised value of the real property.
Myers & Myers Real Estate is a full service real estate brokerage located in Albuquerque New Mexico. We help home buyers and home sellers in the Albuquerque metro achieve their real estate goals. Our website has every home for sale in the Southwest Multiple Listing Service. Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas.