I previously posted on some more simpler real estate terms you may run into throughout a transaction here.
Here are some more real estate terms and their definitions.
Affidavit
A sworn statement in writing, made before an authorized official.
Conventional Loan
A mortgage loan which is not insured or guaranteed by a governmental agency.
Closing Statement
The financial disclosure statement that accounts for all of the funds received and disbursed at the closing, including deposits for taxes, hazard insurance, and mortgage insurance.
Earnest Money
The portion of the down payment delivered to the seller or escrow agent by the purchaser with written offer as evidence of good faith. It is deposited into escrow upon opening of escrow.
Home Inspection Report
A qualified inspectors report on a properties overall condition. The report usually includes an evaluation of both the structure and mechanical systems.
Purchase Agreement
A written document in which the purchaser agrees to buy certain real estate and seller agrees to sell under stated terms and conditions. Also called a sales contract, earnest money contract, or agreement for sale.
Recordation
Filing for record in the office of the county recorder.
(Information provided by Title365)
Are there any terms you’ve heard would like to know about? Let me know in the comments and I’ll make another post explaining those terms.
If you’re interested in selling your home in the Inland Empire, I’m offering a FREE Market Evaluation where I would be able to tell you what your home is worth and suggest a listing price.
Visit MyCityHouseValues.info to get started!
Thank you and have a great day!
Noe Rodriguez
Montelongo Realty
(909) 483-2696 / noe9595@gmail.com
Website: HS-90.com
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Noe Rodriguez - Realtor | House Sold in 90 Days 