Offer
An agreement between a buyer and seller to purchase real estate. Also known as a sales contract.
Contingent
Offer on a home has been accepted, but finalized sale is contingent upon certain criteria. Typically an appraisal, home inspection, or mortgage approval.
Closing Cost
Fees paid at the end of the transaction either by the seller or buyer or both. They include the taxes, insurance, and other lender expenses.
Earnest Money
Deposit made to a seller showing the buyer’s good faith in a transaction. Typically held in a trust or escrow account.
Home Inspection
Examination of the property’s condition. Usually performed by a qualified home inspector of your choice.
Title
A bundle of rights in a piece of property. The Title Company will provide you with the preliminary title report to review before accepting the property.
Appraisal
Property and/or land evaluation completed by an appraiser who determines the market value. This process can take 2-4+ weeks.
Insurance
Choose your homeowners insurance and provide the information to your lender. Be sure to gather 3 or more quotes before choosing.
Signing
Schedule closing as soon as you receive the Okay from your lender. This is when you will be signing for the home. This process takes about an hour.
Recording
The day after signing the ownership of the property it will be transferred to the buyer. This is the day you will receive the keys!
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