Is not that you don't have enough to do, moving your career, family, and home. Corporate relocation is big business and has tried and true procedures and jargon. Here are some of the words you'll hear once you're in the process. Amended value: The actual sale price after the seller successfully markets and sells his or her home through the broker of his or her choice. The sale is turned over to a third-party relocation company for closing, and the guaranteed offer is amended or changed. Appraised price (AP): The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals. Brokers market analysis (BMA): The real estate brokers opinion of the expected final net sale price, determined after acquisition of the property by the third-party company. Brokers price opinion (BPO): The real estate brokers opinion of the expected final net sale price, determined prior to the acquisition of the property. Competitive/comparative market analysis (CMA): The analysis used to provide market information to the seller and assist the real estate broker in securing the listing. Carrying costs: Cost incurred to maintain a property (taxes, interest, insurance, utilities, and so on). Corporate client: The company with whom the third-party relocation company has an agreement to handle the relocating employees. Contract of sale: The agreement between the third-party relocation company and the seller (transferee) whereby the third- party company purchases the property owned by the seller. Destination services: Services provided to the transferee at the new location. They can include familiarization tours, temporary housing, school searches, and so on. Direct home selling costs (DHSC): Carrying costs, loss on sale, repairs and improvements, commission, closing costs, principal, interest, taxes and insurance, interest on equity loans, and utilities. DOM: Days on market. Gross sale price: The sale price before any concessions. Guaranteed offer: The amount, after appraisals, the employer offers the transferring employee for his or her property. Home-finding assistance: Additional assistance provided by a third-party relocation company that can include information about the destination community. Inspection rider: A rider to the purchase agreement between the third-party relocation company and the buyer of the transferees property stating that property is being sold as is. All inspection reports conducted by the third-party company are disclosed to the buyer, and it is the buyers duty to do his or her own inspections and tests. Inventory: A transferees property the third-party relocation company has acquired. List date: The actual date the property was listed with the current broker. List price: The current list price of the property. Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists his or her property with a broker. Market familiarization trip: A visit by the transferee to the new location to view housing market options and location highlights. Marketing period: The period of time in which the transferee may market his or her property (typically 45, 60, or 90 days) as directed by the third-party companys contract with the employer. Net sales price: Gross sales price minus concessions to the buyers. Property or home-finding assistance status reports: Reports filed weekly or monthly by the listing or buying agent representing the transferee. R & I: Estimated and actual repair and improvement costs. Relist: Property that was listed with another broker but relisted with the current broker. Temporary housing: Housing that the transferee occupies until permanent housing is selected or becomes available. Third-party company: A relocation company hired by the employees employer to coordinate the employees move to a new location. Trailing spouse: The spouse or partner of the employee being moved to a new location by an employer. Transaction management fee (TMF): A fee charged by listing brokers to the seller as part of the listing agreement. Vacate date: The date on which the seller (transferee) vacates the property (generally the date when responsibility for property expenses by the transferee ends) and the third-party company assumes ownership for the property through a buyout. |
