10 Terms Every First Time Home Buyer Needs To Know

Dated: 02/15/2019

Views: 34

Image titleOffer

An agreement between a buyer and a seller to purchase real estate. Also known as sales contract or purchase agreement.


Image titleContingent

Offer on a home as been accepted, but finalized sale is pending upon certain criteria. Typically appraisal, home inspection and mortgage approval are the major contingencies. 


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Closing Costs

Fees paid at the end of the transaction either by the seller, buyer, or both. They include the taxes, title search fees, and any other lender expenses.


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Earnest Money

Deposit made to a seller showing the buyer's good faith in a transaction. This money is held in the trust account of the real estate brokerage.


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Home Inspection

Examination of the property's condition. Highly recommended to be performed by a qualified home inspector of your choice. Visit my previous blog titled Home Inspector vs. Appraisal.


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Title

A bundle of rights in a piece of property. This title is recorded by the title company on the day of closing.


Image titleAppraisal

Property and/or land valuation completed by an appraiser who determines the market value. This process can take 2-4+ weeks. Visit my previous blog titled Home Inspector vs. Appraisal.


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Insurance

Choose your homeowner's insurance and provide the information to your lender. Be sure to gather 3 or more quotes before choosing.


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Closing

You will sign a whole stack of documents at closing. These documents transfer ownership to the buyer. You will then receive the keys! REMINDER: Bring your ID to closing. 


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Recording

The new deed with the buyers name will be recorded into the city/county records.


Buying your first home doesn't have to be scary! In fact, we want to make you feel as comfortable as possible and that all starts with education. If you are thinking about buying your first home, I would love to give you our customized Homebuying 101 book. 

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