Important Terms to Know About Real Estate Exchange Service
Real estate exchange services are meant for those who want to swap properties of equal value instead of going through the process of buying and selling. Brokers can assist you with the process, and many have websites that make the whole process go smoothly between two interested parties. Whether you want commercial property or waterfront property, take a look into real estate exchange services for your needs. Here are some important terms to know about real estate exchange services:
Like-Kind Exchange: The exchange of one real estate property for another, a common business transaction in real estate investments.
Escrow:The deposit of money or a deed by one party to another party upon completion of a condition or term. Escrow services are third-party companies that collect, hold and distribute those funds in accordance with specified instructions. Commonly used in real estate closings, but also used to protect online auction transactions as well as transfer of valuable personal and business properties.
Appraisal Certificate: Official document certifying the true value of a home or business commercial property. Appraisers are the professionals who provide appraisals on a property, taking things into consideration as size of the home and condition of the property.
Fair Market Value: Estimate of a property’s market value at the current period of time. It’s often based on tangible and intangible factors, including the amount a buyer would be willing to pay for the property.
Quick Sale Value: Lower than the market value, this is the sale price of a property at any given point in time.
Real estate exchange processes is the general trade of property, land or real estate from one entity to another. This could be from one buyer to another or from one real estate agency to another. A professional real estate exchanger can help if you want to legally change or exchange real estate or property. Just like standard real estate agents, they collect a fee for their services and they show multiple property listings for sale. Real estate exchangers typically belong to national and state real estate organizations, and may collect a commission at the end of a sale. Real estate exchangers also act as consultants or brokers. They are your source for professional real estate advice. These consultants will feature listings of available properties for trade. Whether you're a buyer or seller, real estate exchangers can help you get the right price for your property. Some exchangers deal with one type of real estate, such as commercial. Choose a company that specializes in the exact type of real estate exchange or trade you are looking to invest in.