Sellers Agent: A real estate agent employed to work in the best interests of a seller in a real estate transaction. The agent's loyalties are with the seller. It is the agent's duty to share with the seller all information about potential buyers that may help the seller make decisions regarding the transaction.
Closing Costs: Closing costs are everything outside of the purchase price that a buyer pays to complete a real estate transaction. For a seller, closing costs are all the fees, except liens or encumbrances, that are deducted from the purchase price.
Fees range from those paid to title, escrow or lawyers; documentary transfer tax; city / county transfer or property taxes; credit reports; appraisal; recording or notary fees; real estate commissions; inspections; loan fees such as points and prepaid interest. Fees that lenders consider "recurring" are those that are paid again and again such as property taxes or property insurance. Non-recurring fees are those that are paid once.
Comparative Market Analysis: An informal assessment of a property's market value, usually done to establish a reasonable listing price when a property is placed for sale. The price is established by comparing the property to similar properties that have sold in the area within the past year. The analysis is normally done by a real estate agent who has easy access to area sales records. Although it's more time-consuming, sellers in the US can find the same information by visiting their county courthouse.
HUD 1 Real Estate Settlement Statement: The HUD-1 is a form used by the settlement agent to itemize all charges for a real estate transaction. It gives each party a complete list of their incoming and outgoing funds.