10 Real Estate Terms You Need To Know
This document determines the value of your property based on an examination of the house itself, as well as the price of other properties in the area.
This allows home buyers to combine both interests and principal in payments instead of paying off interests at the start.
3. Buyer’s Agent
This refers to the real estate agent that is representing the buyer in the home-selling process.
4. Comparative Market Analysis (CMA)
This is a report that contains information about all the comparable properties in the area that are either for sale or already sold.
5. Closing Costs
Closing costs typically make up about 2-5% of the sale price, not including the down payment. Some examples are title insurance, excise tax, and loan processing costs.
This term represents the fact that homes are “listed” for sale in the MLS, a website, or any publication. Real estate agents constantly list homes to reach a large number of buyers.
Closing refers to the final meeting where sellers and buyers complete the sale. During this process, they both sign the final documents, and the buyer pays closing costs.
Home inspections are crucial to allow the buyer to know exactly what the condition of the property is. Issues that may turn up during an inspection can influence the decision-making process of the home buyer.
9. Pre-Approval Letter
This document can be obtained from a bank and provides an estimate on how much the bank will lend the buyer.
10. Title Insurance
This document covers research into public records to make sure the title is free, clear and ready for sale. Title insurance is often required as part of the closing costs.
Find Your Ideal Home Right Here
We make your home-buying process easy for you. Forget about the hassle of slow results and poor communication; I’m here to find your perfect home in the blink of an eye.
READY TO BUY OR SELL A HOME?