London Foster Realty at Dadeland
Liz Kenneally | Realtor

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Common Real Estate Terms for Miami Sellers


Selling your  home can be a daunting task, especially when you're bombarded with unfamiliar terminology throughout the process.  I've  compiled a handy glossary common real estate terms tailord for  Miami sellers.

This Seller's Glossary isn't exhaustive, but it does cover the essential real estate terms you'll come across as you sell your property. From negotiating offers to finalizing the deal at closing, understanding each step is vital to a successful transaction.

If you don't find the term you need here, explore my complete real estate glossary of terms for more information.

Whether you're a first-time seller or a seasoned homeowner, understanding the language of real estate is crucial for a smooth and successful transaction. Let's begin the journey!
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This brief article sets the stage for sellers to explore the accompanying glossary, offering them valuable insights and empowering them to embark on their selling journey equipped with the necessary knowledge.

Seller's Glossary

1. Appraisal: An assessment of the value of your property.

2. Assessed Value: The amount your local tax authority come up with to decide how much is due on property taxes. It's not necessarily what your home would sell for, but it helps calculate your tax bill.

3. Buyer's Agent: A real estate agent who represents the buyer's interests in a transaction.

4. Capital Gains: The profit made from selling your home, subject to taxation.

5. Closing: The final step in the selling process when ownership of the property is transferred to the buyer.

6. Closing Agent: The individual or entity responsible for overseeing the closing process and ensuring that all necessary documents are signed and funds are distributed correctly.

7. Closing Costs: Fees associated with finalizing the sale of your home, such as taxes, insurance, and title fees.

8. Closing Date: The closing date marks the culmination of our transaction journey. It's the appointed day when ownership officially transfers to you, and all pertinent paperwork is finalized.

9. Commission: The fee paid to the real estate agent for selling your home.

10. Contingency: A condition that must be met for the sale to go through, such as a satisfactory home inspection or securing financing.

11. Counteroffer: A response from the seller to the buyer's offer, suggesting changes to the terms.

12. Deed: A legal document that transfers ownership of the property from seller to buyer.

13. Documentary Stamps: Stamps affixed to a deed or mortgage to indicate that a tax has been paid on the transaction.

14. Down Payment: The initial payment made by the buyer towards the purchase price of your home.

15. Earnest money: A deposit made by the buyer to show their commitment to purchasing your home.

16. Escrow: A neutral third party that holds funds and documents during the transaction process.

17. Escrow Agent: The individual or entity responsible for handling the escrow process, including holding funds and coordinating the closing.

18. FIRPTA (Foreign Investment in Real Property Tax Act): A federal law that requires foreign sellers of U.S. real estate to pay taxes on the sale.

19. Home Inspection: A thorough examination of your property's condition, typically conducted by a professional inspector.

20. Inspection Period: A specified duration during which the buyer can conduct inspections and assessments of the property.

21. Lead Paint Disclosure: As part of regulatory compliance, to inform Buyer if there's any lead-based paint in the house, especially if it was constructed before 1978. It's a precautionary measure to ensure buyer is aware of potential health hazards.

22. Market Value: The price your home is likely to sell for based on current market conditions.

23. MLS (Multiple Listing Service): A database where real estate agents list properties for sale.

24. Offer: A proposal from a buyer to purchase your home at a certain price.

25. Open House: A scheduled event where potential buyers can view your home without an appointment.

26. Pre-approval Letter: A preliminary determination by a lender of how much they are willing to lend a buyer to purchase your home.

27. Proration: The division of certain expenses, such as property taxes or homeowners association fees, between the buyer and seller based on the portion of the time each party owned the property during the billing period.

28. Purchase Price: The agreed-upon price for which the buyer will purchase your home.

29. Seller's Disclosure: A document where you disclose any known issues or defects with the property.

30. Settlement Statement: A document that outlines all the costs and fees associated with the real estate transaction.

31. Staging: Arranging your home to make it more appealing to potential buyers.

32. Time of Acceptance: Upon mutual agreement on the terms and conditions of the sale, the transaction becomes legally binding. This signifies the pivotal moment when both parties commit to the transaction.

33. Title: Legal ownership of the property.

34. Title Insurance: Insurance that protects the buyer and lender against any defects in the title or ownership of the property.

35. Transfer Tax: A tax imposed by the state or local government when ownership of real estate is transferred.

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What my clients are saying  

Efficient, Effective, and Ethical! Working with Liz Kenneally was an absolute pleasure. Her efficient and effective approach to real estate made the entire process seamless and stress-free. From the moment we met Liz, we knew we were in good hands. She took the time to listen to our needs and preferences, ensuring that we found the perfect home in South Miami. Liz's commitment to ethical practices and transparency gave us peace of mind throughout the transaction. We highly recommend Liz to anyone looking for a trustworthy and reliable realtor in Miami.

 

~ Michael and Jennifer D.

I hired Liz Kenneally to lease out my apartment, and within just 1-2 weeks, she secured long-term tenants who have been a great to work with for the past three years. Her efficiency, professionalism, and warm demeanor made the entire process seamless. Liz understood my needs and executed flawlessly. I couldn't be happier with the outcome. I wholeheartedly recommend Liz!

 

~ Sofia I.

Finding office space for my company was made effortless thanks to Liz Kenneally's exceptional service. Referred to her by a trusted source, I quickly understood why she comes highly recommended. Liz guided us through every step with professionalism and expertise, ensuring we secured the perfect space to meet our needs. The office space exceeded my expectations, boasting a prime location, generous square footage, and excellent amenities. Liz's attention to detail facilitated a seamless transition into our new workspace. Her responsiveness and proactive communication made the leasing process a breeze. Working with Liz Kenneally was a pleasure, and I wholeheartedly recommend her to anyone in search of commercial real estate. Five stars all around!

 

~ Paul M.

Professionalism Personified! Liz Kenneally is the epitome of professionalism. Her attention to detail, proactive communication, and tireless work ethic set her apart from other realtors. Liz guided us through the process of buying our dream home in Coral Gables with ease and confidence. She was always one step ahead, anticipating our needs and addressing any issues promptly. Liz's commitment to excellence and integrity made us feel confident and reassured throughout the entire transaction. We cannot recommend Liz highly enough!

 

~ James and Amanda R.

Liz Kenneally proved to be an exceptional real estate agent. Her expertise in Dadeland area homes, our preferred locale, was truly impressive. Liz's dedication to understanding our needs, preferences, and budget constraints was evident throughout our interactions. She tirelessly worked to find us the perfect home, keeping us updated and promptly addressing all our questions. Liz made the entire process enjoyable, turning house hunting into an adventure. I enthusiastically endorse her to anyone in the market to buy or sell. Thank you, Liz, for your outstanding service!

 

~ Camila I.

5 Stars for Responsiveness, Negotiation skills, Professionalism and communication, Market expertise, Was on point at every turn, from offer to closing.

 

~ Jordi B

Liz went above and beyond to market our property effectively, attracting a flood of interested buyers. Her attention to detail and commitment to showcasing our home in the best possible light truly paid off. We couldn't believe it when offers started pouring in, and even more so when the final sale price exceeded our initial expectations! It was the highest sold price in the community! Liz was responsive, proactive, and always had our best interests at heart. Her negotiation skills were impeccable, ensuring that we got the best possible deal for our property.

 

~ Willy and Gloria P.

Liz was the listing agent for a Miami property I called on and made an appointment to see . That's how it all started.I wasn't working with any agent and I told Liz I didn't want to commit to anyone. She stated she understood, nevertheless, she was relentless in keeping in touch with me. Finally, in one of her phone calls, Liz asked me if she was working hard to get my business ? I said yes, of course. Then she stated, "Imagine, what I am capable of doing in finding and negotiating for you in a tough and competitive Miami market?". That clinched it !

 

~ Arile R.

I want to thank this wonderful Lady that stuck with me until I found just the right place. I am very satisfied and you will always have a friend here. Thank you for everything Liz, you're the best.

 

~ Manny

We trusted her strategy and ended up buying the property that we were initially turned down on. You can say Liz turned that No into a Yes for less money! She is relentless. Thank you, Liz, you are a hard worker, trustworthy, on top of your game and simply a pleasure to team up with you

 

~ Alex Y.

As a business man, one of the things that impressed me about Liz is is her negotiation skills, patience and cool under pressure. She looks for a win-win even though at times we were just being one sided. Liz reminded us it's a sellers' market with properties selling quickly at or little above asking price in the area we wanted to buy.Whatever we weren't familiar with, Liz simplified it so we felt comfortable and understood the transaction.

 

~ Vincent S.

"...One of her best qualities is her ability to stand back, listen to your needs, present you all the alternatives and let you make the original decisions. She is not assertive with her opinion but when she says you better listen because it will be in your own best interest..."

 

~ Ioannis L.

I had a great experience with Liz in the sale and purchase of my new home. She was always available to answer questions with great confidence and knowledge. I consider her a personal friend since we met, through the process of buying this home. Highly recommend her to anyone looking to sell or buy.

 

~ Maria D

Ms Liz Keneally was a angel sent. I was going through personal hardship. And having a hard time not only selling The property but with the result of impending foreclosure. Which at the time was a very difficult time in my life. And she came along. And got a contract within a week. And I have nothing but gratitude towards her and her team. That treated me and my children like family.

 

~ Xenia L.

Liz has been a wonderful real estate agent for us. She is an excellent communicator, and communicates in a very timely manner. Liz provided easy to understand comparisons when we had multiple offers for the property that we were selling. Liz makes sure that all the details are taken care of, and most importantly perseveres in resolving the many issues that arise in a real estate transaction. We have been extremely happy with the work that Liz has done for us. We would highly recommend her for anyone who is seeking to sell or buy property.

 

~ Gary N

As a first time home buyer, I was nervous and worried about being taken advantage of. Liz calmed my nerves and guided me through the process. She was easy to communicate with and took the time to educate me.There were times, we had to negotiate and Liz always made sure to keep the deal alive, while protecting my interests. I have only wonderful things to say about her and would work with her again.

 

~ Sarah S.

Liz was professional from the exploratory stages of home buying to its completion. As a first-time buyer, I was looking into foreclosures. I did not expect the unexpected to say the least. From negotiations to paperwork, I am truly grateful for Liz's knowledge and skills. She guided me through the process and stood by my side when delays arose and frustrations even larger. Her calmness and verbal prowess ultimately helped me secure my very first home! Thank you, Liz!

 

~ Hennifer M

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