Real Estate Terms That Everyone Should Know
When going into real estate, always consider the specific terms and verbiage that will be used from your fellow homebuyers/sellers or even from your real estate agent (if you go that route). Either way, it is always wise to make sure that you know what each term means. So, we made a list for you below with each definition.
An appraisal is a way for real estate value to be determined in an unbiased manner by a professional. Appraisals are another way for professionals to estimate (depending on the location, condition, and property itself) what you will get for it.
Closing costs are all of the fees that you pay at the close of a real estate transaction when you sold or bought a home.
Escrow is meant to be a term that describes a third party who has a say in the process to make sure both parties remain honest and accountable. The escrow confirms that the contracts are signed, funds are allotted properly, and the title or deed is transferred properly.
Inspection is when a licensed inspector will visit the property and create a report that shows the condition and the repairs in order to meet the requirements of the contract. A buyer will do an inspection in order to ensure that the home is being sold in the condition it has been presented to be.
Title & Title Insurance
The title is the document that provides evidence as to who is the lawful owner of a property. The title insurance protects the owner of the property and any lender on that property from loss or damage that could be done to the property.
A title company makes sure that the title the property is legitimate and free of any liens, judgements, or any other issue.