5 Words You Need To Know Before You Purchase Your First Home
First time home buying can be a completely stressful process, kind of like entering college again. You are unsure of what to expect, you may be new to the town and there are new words and terminologies to learn. And just like preparing for college, you should also prepare yourself for purchasing a home so that you are a well-informed buyer. It always pays off to be a good student, and definitely pays off to be a home smart buyer.
To help you on the path of being a smarter buyer, I will share with you five important words you should know when buying a home.
Offer- sounds pretty obvious, but to be more specific it’s a sales agreement between the buyer and the seller. There are very specific details that need to be included in an offer. Here is an article on the Basics of Making an Offer, by Realtor.com.
Seller can either counter, accept or accept with contingencies (another word you need to know and is actually next on the list).
Contingent- an offer on a home has been accepted, but the finalized sale will be based on the results of additional findings to the home or approval of financing. There are different types of contingencies, here is an article from Red Fin.
Title- a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. A title company will provide you with a preliminary report to review before accepting the property.
Appraisal- Property and/or land valuation completed by an appraiser who determines the market value. An appraisal is given by a certified state- licensed professional. Here is an article on how Home Appraisals work.
Recording- is the act of putting the real estate document into official records at the County Recorder’s office or Recorder of Deeds office.
I hope this entry gives you a little bit more knowledge through the home buying or selling process. If you have any other questions, feel free to contact us. We are always here to help.