Apprais

An expert estimate of the value of a property.

Closing Cost

Fees and expenses, aside from the price of the home, paid during the transfer of ownership.

Contingen

Conditions that must be met before a real estate contract is legally binding.

Down Pay

This initial home payment affects your loan terms and monthly payments, usually ranging from 3% to 20% of the home's price.

Earnest money

A deposit showing a buyer's commitment to a property purchase, typically applied toward closing costs or the down payment if the sale proceeds. If the buyer backs out without a contractually valid reason, the seller may keep this deposit.

Escro

An arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction.

Home Inspect

An examination of a property's condition, usually performed by a qualified home inspector before a sale.

Homeowners Insur

A form of property insurance that covers losses and damages to an individual's house and assets in the home.

Mortgage Pre-Appr

A lender’s offer to loan money to a buyer up to a certain amount and under certain conditions.

Offe

A formal bid from the home buyer to the seller to purchase a home.

Pre-qualif

An initial step in the mortgage process, where the lender provides a ballpark estimate of how much money a buyer can borrow.

Princip

The amount of money borrowed to buy a home or the amount of the loan that has not yet been repaid.

Title

A document that lists the legal owner of a piece of property.

Title Sear

A check of public records to ensure that the seller is the legal owner of the property and that there are no liens or other claims against it.