10 Terms Every First Time Home Buyer Needs To Know

Dated: 02/15/2019

Views: 104

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. 

Image title

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.

Image title

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.

Image title

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.

Image 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.

Image title


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

Image title


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. 

Image title


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. 

Latest Blog Posts

Market Update

This week I want to fill you in about what is going on in the marketplace! The first quarter of the year has flown by.  Let's take a look!From January 1st to April 30th, 162 (single)

Read More

A Unique Home Deserves A Unique Website

Highlighting the unique features of your home is essential in separating itself from the rest of the competition. A unique home deserves a Unique Property Site! A Unique Property Site is a

Read More

How To Sell In The Spring Real Estate Market

Spring is arguably the best time to buy and sell. Why? Glad you asked! There is something about the sunshine, longer days, warmer weather (if you can say 50 degrees is warm-ha!), flowers

Read More

The Worst Home Selling Mistake

When the average seller sits down to interview real estate agents, its easy to get caught up in the emotions of choosing a sales price. Of course, everyone wants top dollar for their home. You have

Read More