Learn the most important real estate terms every home seller should know—plus how MG Property Bros makes the process simple and stress-free.
Selling your home—whether through an agent or directly to a cash buyer—can feel overwhelming. Contracts, inspections, contingencies… the paperwork alone can make your head spin.
At MG Property Bros, we believe knowledge is power—and that understanding a few key real estate terms can help you feel more confident, avoid costly mistakes, and choose the best way to sell your home.
Here’s a simple guide to the top real estate terms every home seller should know.
A listing agreement is the contract between you and a real estate agent that gives them permission to market and sell your home. It often includes commission rates, time limits, and cancellation terms.
If you’re selling directly to MG Property Bros, you don’t need a listing agreement at all—no agents, no commissions.
Your asking price can be influenced by market trends, condition of your home, and buyer demand—but the sale price is what closes the deal.
Selling a property as-is means you're selling it in its current condition, with no repairs or updates. The buyer accepts any problems the property may have.
MG Property Bros specializes in as-is purchases—no repairs, cleaning, or prep needed.
An offer is the buyer’s formal proposal to purchase your home. Once you accept it, the offer becomes a purchase agreement—the legal contract that outlines the terms of the sale.
A contingency is a condition that must be met for the sale to proceed. Common ones include:
When you work with MG Property Bros, we buy with no contingencies, which means fewer delays and faster closings.
Escrow is a third party that holds funds, documents, and instructions until all parts of the sale are complete. It protects both buyer and seller during the transaction.
Closing costs include title fees, taxes, insurance, and more. They’re typically 6–10% of the home’s value in a traditional sale.
When you sell to MG Property Bros, we cover all closing costs—you pay nothing out of pocket.
This is what your home would sell for under normal conditions, based on:
DOM is how long your property stays listed before receiving an offer. The longer a house sits, the more it may raise red flags to buyers.
MG Property Bros typically makes an offer within 24 hours—and we’re ready to close when you are.
Your equity is the difference between what your home is worth and what you still owe on it. Example:
You get your equity as part of your payout when you sell.
We know most homeowners aren’t real estate pros—and you shouldn’t have to be. When you work with us: