Quid Pro Quo
Definition of "Quid pro quo"
- Latin term meaning something in exchange for something else. For example, a person rushes through an order for another in return for having first choice in selecting a parcel of property.
- A business agreement whereby a real estate firm will provide business, typically referrals, to another company in exchange for receiving a service such as research of the real estate market.
Popular Real Estate Terms
Person chosen by a testator/testatrix to handle and conduct the terms of a will to an estate. Duties include collecting and selling of properties and paying debts of the state. ...
You’ve put your home on the market and are receiving offers. The next logical step is to sell your house to the buyer who offers you the highest amount of money and start the closing ...
Keeps something under control, such as water and sand. It blocks natural flow and settling of earth. It performs the same function as a dam would for water. ...
To fulfill , complete, implement, perform, or carry out terms of an agreement including completing a signature on a contract and delivering a document to the intended party. ...
Method of valuing a property through examination and comparison of recent sales of comparable properties. ...
Refurbishing or rebuilding a property, such as a house, back to its original or earlier condition. ...
Process of developing an area by planning and building homes, shopping centers, schools or churches. The development process includes the construction of streets, sewers, utilities, parks, ...
What is a turnkey property? A turnkey property is a very popular type of investment property that real estate investors prefer because it starts bringing a return on investment quickly. ...
An attorney's opinion of the status of a title, which is attached to the abstract of title. ...
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