OFFER: An agreement between a buyer and seller to purchase real estate. Also known as a purchase agreement.
COMPARATIVE MARKET ANALYSIS (CMA): Research of prices of similar properties in the same area that were recently sold to help determine a reasonable price to list. This is used when selling a home or a price to offer when buying a home.
CONTINGENT: Offer on a home has been accepted by both buyer & seller, but the finalized sale is contingent upon certain criteria, Typically appraisal, homeowner's inspection, and mortgage approval
HOME INSPECTION: Buyer hires a home inspector to examine the property's condition. The home inspector is hired by the buyer specifically.
CLOSING COSTS: Fees paid at closing by either the seller, buyer or both. They include taxes, insurance, and lender expenses.
TITLE: The title company of the BUYERS choice will provide you with the preliminary title report for you to review before accepting the property.
EARNEST MONEY :Deposit made to a seller showing the buyers good faith in a transaction. Typically held in a trust or escrow account. When you are looking at home.
HOMEOWNER'S INSURANCE : Choose your home owner's insurance and provide the info to your lender. Gather at least 3 quotes before making a decision.
APPRAISAL: The estimated value of the property