If you’re embarking on the homebuying process, there are 10 essential terms a first-time buyer should know. Here’s a list of good-to-know real estate phrases, courtesy of Coniferinvesting.com:
1. Offer: An agreement between a buyer and seller to purchase real estate. Also known as sales contract.
2. Contingent: An offer on a home has been accepted, but finalized sale is contingent upon certain criteria. (Typically appraisal, home inspection or mortgage approval).
3. Closing Cost: Fees paid at the end of the transaction either by the seller, buyer or both. They include taxes, insurance and other lender expenses.
4. Earnest Money: Deposit made to a seller showing the buyers good faith in a transaction. Typically held in a trust or escrow account.
5. Home Inspection: Examination of the property’s condition. Usually performed by a qualified home inspection of your choice.
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