Offer

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

Contingent

Offer on a home has been accepted, but finalized sale is contingent upon certain criteria. Typically an appraisal, home inspection, or mortgage approval.

Closing Cost

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

Earnest Money

Deposit made to a seller showing the buyer’s good faith in a transaction. Typically held in a trust or escrow account.

Home Inspection

Examination of the property’s condition. Usually performed by a qualified home inspector of your choice.

Title

A bundle of rights in a piece of property. The Title Company will provide you with the preliminary title report to review before accepting the property.

Appraisal

Property and/or land evaluation completed by an appraiser who determines the market value. This process can take 2-4+ weeks.

Insurance

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

Signing

Schedule closing as soon as you receive the Okay from your lender. This is when you will be signing for the home. This process takes about an hour.

Recording

The day after signing the ownership of the property it will be transferred to the buyer. This is the day you will receive the keys!