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Top 10 Terms You Need to Know When Buying a Home

Updated: Jun 21, 2022

Buying a home can be overwhelming, especially when agents, brokers and lawyers are speaking a different language. Today I promise to break down the Top 10 Words you should understand before walking into a house hunt.

1. Offer: An agreement between a buyer and a seller to purchase real estate, also known as a sales contract.

2. 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

3. Home inspection: Examination of the property’s condition, usually performed by a qualified home inspector of your choice.

4. Appraisal: Property and or land valuation completed by an appraiser who determines the market value. This process can be done 3-7 days prior to waving conditions.

5. Notice of Fulfillment of Conditions: Once you've received final approval from the lender, satisfactory from the expectation report and any other conditions, and if these conditions have all been met, we can do a form called the notice of fulfillment of conditions which means that the house is now firm and binding.

6. Contingent/Condition: Offer on a home has been accepted, but finalized sale is contingent upon certain criteria typically appraisal, home inspection or mortgage approval.

7. Deposits: Are collected 24 hours after acceptance of an offer. The buyer is showing the seller that they are acting in good faith. This happens with every accepted deal.

8. Title: On closing day the buyer will get the title from the lawyers.

9. Insurance: Choose your homeowners insurance and provide the information to your lender. Be sure to gather three or more quotes before choosing.

10. Closing Date: On this date the lawyers will send the money, pay the closing costs, register the sale and hand over the keys!

Ready to start? Have any questions? Email me

or Phone 1-905-229-9500

Elsie Jungas

Realtor #buyingahome


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