REAL ESTATE DEFINITIONS

Appraisal | Appraiser conducts an appraisal of the value of the home. This takes 15-20 mins.

Closing | The final step in financing a home that involves signing all documents at the title company

Closing Costs | The amount paid to close a home loan, including taxes, transfer and any other third party fees

Due Dilligence Documents | Seller provides Buyer any/all documents pertaining to the home

Earnest Money | Buyer provides personal check or wire to be held in escrow at the title company

Inspection | Buyers hire an Inspector to provide detailed information on the systems in the home

Inspection Credits | The amount a Buyer asks a Seller to pay or credit back to them at closing to fix any issues that come up during inspection

Loan Application | Buyer to have loan application completed & returned to lender

Loan Approval | Formal authorization for the buyer to get the loan from the lender

Possession | Upon completion of closing this is the date Buyer can take possession of the property

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Property Taxes | Annual amount paid by a land owner to the local government or the municipal corporation.

Real Estate Closing Fees | These are fees charged by the title company to complete the closing [roughly $150 per side]

Success Fees | These are the fees paid to the Listing and Buying Realtor

Record Title Deadline | All parties receive Title Commitment from Title Company for review

Seller's Property Disclosure | Seller disclosure of items and conditions that they know about their home

Title Insurance | Title insurance is a form of indemnity insurance that protects the holder from financial loss sustained from defects in a title to a property