MAYER REALTY GROUP
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REAL ESTATE TERMS
Home Inspection A thorough evaluation of the property's current condition to identify any necessary repairs. Title Search Confirmation that the property being sold rightfully belongs to the seller. Sellers Disclosure Documentation detailing any known issues or defects with the property. Appraisal Evaluation of the property's value based on various factors including its condition, location, and market trends. Seller’s Disclosure Documentation detailing any known issues or defects with the property.
Pre-Approval Initial step in obtaining a mortgage, involving a lender's assessment of the buyer's financial situation to determine loan eligibility. Offer A preliminary agreement between a buyer and seller indicating the buyer's intent to purchase a home. Contingency
Conditions outlined by either the buyer or seller that must be met for
the offer to proceed. Closing Cost
Additional expenses paid alongside the sale price, including taxes, insurance, and lender fees. Earnest Money Deposit Funds set aside in escrow to demonstrate the buyer's seriousness about the purchase.
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