Home Buying Words to Know
The Calloway Real Estate Group prides ourselves on over-educating our clients. When entering the home buying process, we want to make sure you are informed every step of the way.
Here is a description of some of the words you should know during the purchase of your new home:
OFFER: an agreement between the buyer and seller to purchase real estate. This can also be called a sales contract or purchase agreement.
EARNEST MONEY: a deposit made to the seller showing the buyer's good faith in a transaction. This is typically held at the title company or brokerage.
TITLE: a bundle of rights in a piece of property. The title company will provide you with the preliminary title report to review before accepting the property.
HOME INSPECTION: an examination of the property's condition. This is performed by a qualified home inspector of your choice. We have recommendations on inspectors if you need them.
INSURANCE: be sure to choose your home insurance and provide that company's information to your lender. We recommend to get 3 or more quotes before choosing.
APPRAISAL: property and/or land valuation completed by an appraiser who determines the market value. Depending on the area you are purchasing, this process can take 2-4 weeks.
CLOSING: Signing day!! You will have an appointment scheduled at your closing attorney or title company and sign all the documents to put the property in your name.
If you are in the market for buying a home, contact us below to speak with our buyer specialists today!!