Top 10 Terms You Need to Know When Buying a Home

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

Elsie Jungas

Realtor #buyingahome