Relocation
The process of moving from one location to another, often involving the sale of a current home and purchase of a new one in a different city, state, or region. In real estate, relocation frequently involves employer assistance programs, specialized relocation services, and coordination between multiple real estate markets.
Example
“The company's relocation package included assistance with selling their current home and finding housing in the new city.”
Memory Tip
Relocation means "re-locating" yourself - finding a new location to call home.
Why It Matters
Relocation transactions often involve tight timelines, employer benefits, and complex coordination between buying and selling properties in different markets. Understanding relocation services and timing can help ensure a smooth transition and maximize financial benefits from employer assistance programs.
Common Misconception
Relocation assistance from employers doesn't always cover all moving expenses - many programs have caps, exclusions, or require employees to pay costs upfront and seek reimbursement later.
In Practice
A corporate executive receives a job transfer from Chicago to Atlanta with a relocation package that includes home sale assistance, temporary housing, and moving expenses. The company's relocation service helps coordinate the sale of their Chicago home while simultaneously assisting with the purchase of their new Atlanta residence to ensure minimal disruption to the family.
Etymology
From Latin "re-" (again) + "locare" (to place), literally meaning "to place again" in a new location.
Common Misspellings
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