A Vocab Cheat Sheet for First Time Home Buyers

A Vocab Cheat Sheet for First Time Home Buyers

Time to take you back to school with a good ol' vocabulary lesson! We know just how hard understanding real estate mumbo jumbo can be. For all you first time home buyers, here is the quick and dirty vocabulary you need to know when starting your real estate journey! 

OFFER:

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

CONTINGENT:

Offer on a home as been accepted but finalized sales is contingent upon certain criteria. Typically 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 preformed 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 for you to review before accepting the property.

APPRAISAL:

Property and/or land valuation completed by an appraiser who determines the market value. This process can take 2 to 4 weeks!

INSURANCE:

Choose your home owner's insurance and provide the information to your leader. 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 one hour!

RECORDING:

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


We hope this helps...but this is just the beginning of the real estate craziness! Are you looking to sell your home or know someone who is? We are always accepting new clients and we would love to help you through this life changing experience! Call us or email us today to schedule an appointment and see what your home is worth


Adriana Johnson