First Time Home Buyer Vocabulary Cheat Sheet

First Time Home Buyer Vocabulary Cheat Sheet

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

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