You have heard me mention the word TITLE, but perhaps are wondering what that means.

TITLE refers to ownership. All property has some sort of owner. It may be an individual (such as a house), the government, or a private institution. TITLE is the proof of ownership. And when you purchase a home and the property if transferred to you at closing, you receive TITLE to the property (you may not actually have the deed itself, which is the document showing proof - it may be held by a third party if there is a mortgage, sort of like the bank holding the title to your car).

Different states may refer to a title in various ways. Abstract of Title (typically a list of the relevant documents for a title search) or a Title Abstract are some other terms.

TITLE may be separate (ownership by 1 person or 1 entity) or concurrent (e.g., community property [husband and wife],tenancy in common).

Are you confused by the terms you hear floating around the real estate business - listing agent, selling agent, dual agent, buyer agent? I'm not surprised. They can be confusing to us agents as well, and there are those in the industry who use them in different ways and to mean different things. And some, unfortunately, do not understand the nature, and importance, of the different roles these relationships should have for you, the consumer.

I want to clarify things a bit, but don't worry so much about the terms. What is important to understand are the relationships that you can have with a licensed agent since THAT impacts the transaction, and affects YOUR INTERESTS.

Listing Agent refers to the individual (through a brokerage) that has a signed contract with a seller to list and market that home. That person REPRESENTS THE SELLER.

Buyer Agent is an agent who has agreed to REPRESENT THE BUYER - his or her interests, with fiduciary responsibilities, honesty, loyalty and more. DO NOT assume that the agent you decide to work with is representing YOU, the BUYER unless you ask. While that person is helping you, they may be working on behalf of the seller. Any good agent will explain the differences to you without you asking. But if not, ASK THEM! Don't make assumptions - they can bite you.

A Dual Agent is one who REPRESENTS THE BUYER AND THE SELLER, ostensibly. ALL parties MUST agree to this. However, it is impossible to truly represent BOTH PARTIES. It can't be done. How can an agent truly represent your best interests as the buyer when they are in conflict (e.g., price, concessions, repairs) with those of the seller?Consider this role very carefully. Are you really comfortable being in that type of relationship? You DO have a choice.

A selling agent is generally considered to be the person who brings in the buyer (i.e., they "sell" the home). This person could be the listing agent, a buyer agent, or a sub-agent (an agent who is representing the seller but working with the buyer - it could be a person in the same brokerage or someone else).

If you are buying AND selling, your listing agent can also act as a buyer agent for you in your purchase transaction. However, since they know alot about you as your listing agent, you would NOT want them to act on behalf of the sellers in your purchase - they need to represent YOU.

Knowing the relationships you have with a particular agent is what is important, not the title. And many states have disclosure forms you must review and acknowledge so you understand the possible relationships.

And know that state laws may define these differently. Some areas do not allow dual agency, and so on.

There are a number of terms and abbreviations you will come across in the MLS (which stands for Multiple Listing Service, BTW) when house hunting here in California ( and there will be different ones if you are looking elsewhere - so check with your agent).

I mention Mello Roos again only because it comes up so often as a question. See my earlier posts on this, including information on taxes.

HOA stands for Home Ownership Association. Very common here but perhaps a new term for those of you in other areas. Basically this is a group of homeowners in a subdivision or condo complex that manage the common areas, collect the fees for maintenance and repairs, pay the bills, establish and enforce the standards of the subdivision and related tasks. In some associations there may be a professional management company hired to do this instead, especially in larger groupings. In New England you commonly see Condo Association which is essentially the same thing.

HOA Fees are the fees levied against each property owner monthly for a variety of reasons, most commonly maintenance of the common areas, but also for repairs, the pool, gate or other community features if applicable, parking areas, etc. These can range from a fairly low amount, say $35/month, up to hundreds of dollars.

APN stand for Assessor's Parcel Number. Here in CA this is used to identify the actual property in question in the assessor's record (public record). Each property has a unique APN. The public record will identify the owners, including past ones, information about the property, details about past sales and mortgages, a parcel map, among other details.

Are there other terms you have seen and wonder about? Let me know and I will post the explanations.

Have a great weekend!

GO BEARS!