I am a home owner. I went on my city's website to find information about my home and the sales date of which my home was sold prior to my purchase. What does it mean when it says " terms of sale" and under the "terms of sale" it reads " NA- Not Acceptable and "Arms Length" ?
2007-08-21 11:33:31 · 2 answers · asked by shybutnaughty 1 in Business & Finance ➔ Renting & Real Estate
Arms length means it went through a third party . . . Generally a real estate broker. Not acceptable generally means it was an unqualified sale - like inheritance.
2007-08-21 11:55:03 · answer #1 · answered by CHARITY G 7 · 0⤊ 1⤋
NA most likely means "not available" - whatever information was supposed to go in that field (like financing, perhaps?) was not supplied to the city.
"Arms Length" means that the sale was between two unrelated parties - it has NOTHING to do with whether or not a real estate agent was involved.
IF you sell your home to a total stranger, that is an "arms length" transaction. If you sell it to your brother, it is NOT an "arms length" transaction. The difference is that a sale to a family member might be at less than market value.
2007-08-22 08:44:24 · answer #2 · answered by yeagerre 2 · 1⤊ 0⤋