DOM in real estate measures how long a house has been marketed. It reflects whether the house is priced correctly.

Market conditions and the upkeep of the house also affect this number.

Buyers and sellers both should look at this number with other objective and subjective criteria to determine the true market value of a property.

 
 

Novation is replacing one contract with another. People do this because the obligations of the parties change.

They are either added or deleted, or the parties to the contract change.

Novation is different from assignment, because the assignor is still obligated, and so the other parties do not need to approve the change.

 
 

EMD are good faith funds held in escrow that shows the buyer is serious about the contract for a house.

These funds should be held by a third party, so neither party has access.

The seller has a claim if the buyer walks away without cause, but contingencies in the contract also protect purchasers.

At closing, the money is put toward the closing costs and/or down payment.

 
 
 

An automated valuation tool is not an appraisal, but it can be a valuable tool to help you understand what your home is worth.

It predicts what the price of your house should be based on a mathematical algorithm, which usually includes a hedonic statistical model and a repeat sales index.