Terms To Know
DOWN PAYMENT The initial amount of money paid by the home buyer to the seller to secure the purchase of the property
CLOSING COSTS Fees associated with the purchase of a home that are paid at the closing of the sale. This may include appraisal fees, title insurance, and attorney fees DISCLOSURE The seller's obligation to disclose any known defects or issues with the property that could affect its value or safety TITLE The legal right to own and sell the property, which is conveyed to the buyer at closing ESCROW A third-party account that holds funds, documents, and other items related to the sale of the property until the transaction is completed UNDER CONTRACT A stage in the sale process where the seller has accepted an offer, but the sale has not yet been finalized
MORTGAGE A loan provided by a lender to the home buyer to finance the purchase of a home
APPRAISAL An estimate of the value of the property performed by a licensed appraiser to determine its fair market value HOME INSPECTION A detailed examination of the property by a licensed home inspector to identify any potential issues that could affect the sale or value of the property CONTINGENCY A condition that must be met in order for the sale to proceed, such as the buyer obtaining financing or the completion of a satisfactory home inspection OFFER A proposal to buy a property, including the price and terms of the sale
CLOSING The final step in a real estate transaction where the buyer pays for the property and the seller transfers ownership
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