Real estate terminology can be confusing, even if you have bought a home before. From contract negotiation to crossing the finish line, there is a lot to keep track of.
The good news? You don’t need to master the real estate dictionary on your own. That’s why you hire someone you trust to explain every detail and guide you through the process!
If you are curious about the language of real estate, here are some of the most common terms you will encounter from contract to close:
1. Earnest Money Deposit
An earnest money deposit is a deposit made to show that you, the buyer, have serious intent to purchase the property. This money is safely held in escrow and applied to the purchase at closing.
2. Due Diligence Fee
This is money paid to the seller if you terminate the contract during the inspection period. Different states have different rules related to this, and the amount will vary.
3. Appraisal
Your mortgage lender will require a licensed appraiser to evaluate the home. This process determines its market value and ensures the purchase amount supports the mortgage.
4. Closing Costs
These are expenses paid at the end of the transaction. They typically include lender fees, title insurance, attorney fees, and more.
5. Settlement Date
The date when all documents are signed, funds are transferred, and the closing is officially recorded. Best of all, this is when you get the keys to your new house!
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Whether you are looking to buy or sell, you don't have to navigate the market alone. Contact me today to schedule a buyer or seller consultation.
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Phone: 704-608-6568
