Glossary

Two essential components of a valid contract; a meeting of the minds when all parties agree to the exact terms.

Indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

A listing given to any number of brokers without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer; the sale of the property automatically terminates the listing.

An agreement to keep open for a set period of time an offer to sell or purchase property, usually for consideration.

The process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.