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Are you a fan of the Netflix hit show Selling Sunset? If so, then you know Netflix just released the latest season of Selling Sunset and the streets are buzzing! Selling Sunset is a reality show showing a look into the lives of real estate agents in Los Angeles, California. The agents at the Oppenheim Group sell luxury homes within the Los Angeles area and often deal with major drama.

Whether you are into the real estate business or not, you may definitely want to binge! Preply decided to help all of the Selling Sunset fans understand some key buzzwords. Preply is a global language learning marketplace, connecting 140,000 tutors with tens of thousands of students from all over the world. Amy Pritchett, Student Success Manager at Preply, says “There are a lot of buzzwords used throughout the series that are largely unknown by viewers due to their origins in the real estate world.” This list is your home to be able to learn a little bit more about real estate and to better follow along with the show. Sit back, relax, and learn how to sound like you’re about to sell a $20 million home!

  • Escrow

    A massive 104,480 people a month are searching for what this word means! When a third party is holding the funds for a property whilst offer conditions are confirmed. It protects both the buyer and seller. It is the amount of money a buyer puts down when they sign a contract.

  • Contingencies/Contingency Period

    A condition that must be satisfied before the process can continue. A contingent offer is an offer that is contingent on something the buyer needs to get done such as an appraisal on a loan.

    The contingency period protects you so you can out in an offer and none of your deposit is at risk until you’ve signed off and contingencies are released. 

  • Realtor vs. Real Estate Agent vs. Broker

    A real estate agent has a professional license to help people buy, sell, and rent real estate. They must work for a sponsoring broker or brokerage firm. A realtor is a real estate agent that is part of a trade association. 

    A broker is a real estate agent who has completed additional training and licensing requirements. They can work independently and hire other real estate agents to work for them.

  • Primaries

    A primary bedroom is what traditionally would have been referred to as a master bedroom. However, the industry has taken the step to phase out the terminology due to its racist heritage and instead opted to use primary, or first, for the main bedroom of the house.

  • Double-Ended Deal

    When an agent represents both the buyer and seller in one transaction. 

     

  • Turnkey Property

    A turnkey property means you can literally ‘turn a key’ and move straight in with minimal work. This is an ideal property for those wanting an easy transition into their new homes. 

    Watch Selling Sunset | Netflix Official Site

    The elite agents at The Oppenheim Group sell the luxe life to affluent buyers in LA. Relationships are everything, and that often means major drama. Watch trailers & learn more.

  • Under Offer

    An offer has been made but it is subject to specific conditions that the seller is yet to agree to. This means the property has not yet been sold or that the transaction has become legally binding.

  • Co-List

    You and another agent work together to list a property together. 

  • Appreciation

    The appreciation of a property is the amount of value a property had gained in a certain period of time.

  • Closing

    All contingencies contracts and conditions have been confirmed and keys are handed over.  This is when the agents and brokers can finally get paid for their work.