Welcome to the most comprehensive, up to date site for Colorado Real Estate Terms And Definitions.
If you have an addition, change or suggestion, please email us at:info@brianpetrelli.com.
Real estate isn‘t officially sold until the actual transfer of the property has taken place and consideration has been paid. Once that has taken place, the property is closed and belongs to the new owner.
Listing
A property that is up for sale on the open market via the local multiple listing service (MLS).
Listing agent (also called a seller‘s agent)
A real estate agent or Realtor® who works on behalf of a property owner to help them get the most out of their sale.
Listing agreement
A legally binding contract that allows a real estate agent or Realtor® to sell a property on behalf of the property owner.
Multiple listing service (MLS)
A collaborative digital marketplace where home sellers - through their agents - present their homes for sale to other agents who work with buyers of those homes. The MLS provides accurate, up-to-date information about the status of local listings.
New listings
The number of properties that became available during a reported period.
Open listing
When there is no exclusive agreement with any one agent. The seller may be working with multiple agents at once.
Pocket listing
A property that is on the market without being made public. The National Association of Realtors® has recently banned this practice in the interest of fair housing.
