In real estate there are some terms very specific to the buying and selling process that you need to be familiar with in order to have a better understanding of the transaction. As a licensed Realtor, I like to keep my clients updated during the transaction and I try my best to explain them in detail the process and the following terms:
- Offer.- Agreement between buyer and seller to purchase a property, also known as contract
- Contingency.- Certain criteria that needs to be met in order to continue with the transaction, such as inspection or mortgage approval
- Earnest Money Deposit.- Good faith deposit the buyer, usually is hold on escrow by the title company
- Home inspection.- Evaluation of the condition of the house, usually performed by a licensed home inspector
- Title.- Right on a property, the title company will provide a report on the title to the buyer.
- Appraisal.- Act of providing the property a market value, performed by a licensed appraisal at lender or buyer request
- Insurance.- Home insurance is needed in all financed transaction, the buyer can shop around and get quotes before committing to one and inform the lender about it
- Closing Costs.- Fees paid by the buyer and seller, typically includes property taxes, insurance and other lender expenses
- Closing.- Completion of the transaction, moment where buyer and seller sign the paperwork
- Recording.- When the ownership of the property is transferred to the buyer.
If you have any question about real estate, give me a call, I will be happy to assist you
Clarisa Moody – 813 446 2003
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