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July 15, 2014

Using the Right Word

Mark Twain once said: The difference between the right word and the almost right word is the difference between lightning and a lightning bug.

Here are a few words we commonly see misused in real estate parlance:

Selling agent vs. Seller’s agent — The selling agent works with a buyer making an offer and making the sale, whereas the seller’s agent is the listing agent.

Principal vs. Principle — The client is the principal in an agency relationship; also, principal is the original amount of the loan. Sometimes ‘principal’ is misspelled as principle, which is a rule or doctrine.

Mortgagor vs. Mortgagee — The mortgagor (borrower) gives the mortgage to the mortgagee (lender). The mortgage thus pledges (hypothecates) the property as collateral for the loan, and promises the repayment of money by way of a note.

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