Vocabulary Words All Home Buyers Should Know

    Vocabulary Words All Home Buyers Should Know
    1) Offer: An agreement between a buyer and a seller to purchase real estate. Also known as a sales contract.
    2) Contingent: Offer on a home has been accepted, but the finalized sale is contingent upon certain criteria. Typically, a contingency could be mortgage approval, the sale of another
    home, inspection or appraisal.
    3) Closing Cost: Fees at the end of the transaction either by the seller or the buyer. They include the taxes, insurance, and other lender expenses.
    4) Earnest Money: Deposit made to a seller showing the buyer’s good faith in a transaction. Typically held in an escrow account.
    5) Home Inspection: Examination of the property’s condition. Usually performed by a qualified home inspector of your choice.
    6) Title: The evidence of ownership.
    7) Appraisal: The process through which conclusions of property values are obtained. Determines the market value of the property.
    8) Signing: This is when you sign for your home or property.
    9) Recording: The act of entering documents affecting or conveying an interest in real estate in the recorder’s office established in each county.

    Trackback from your site.

    Leave a Reply