Real Estate Terms & Definitions

If you have never bought a home or been in the real estate world, some of the terms when you do hear them can be a little foreign. Everyone knows buying a home is a process and some of the terms are not clear. A couple important terms to understand are….

Offer- When you are ready to buy a home you and your realtor will put in an offer or sales contract.

Earnest Money- Deposit made to show good faith to sellers and title company and for inspection expenses.

Home Inspection – Examination of the properties condition.

Repairs Amendment- Once all inspections are done you have the right to ask for repairs from the property inspection.

Appraisal – The evaluation determined by the market value from the appraiser. Typically this process takes 2-4 weeks depending on the demand of the market.

Closing costs – fees paid by either seller, buyer or both. Taxes, insurance, and other lender expenses are usually closing costs.