Key Real Estate Terms to Know
Clear definitions of essential real estate terms to guide your buying or selling process with confidence.
A clear glossary of key real estate terms to help buyers and sellers understand contracts, offers, and processes with confidence.
Escrow: A neutral third party holds funds or documents until all conditions of a sale are met, ensuring secure transactions.
Contingency: A condition in a contract that must be fulfilled for the deal to proceed, such as inspections or financing approval.
Appraisal: An expert’s assessment of a property’s market value, often required by lenders before approving a mortgage.
Closing Costs: Fees and expenses paid at the completion of a real estate transaction, including taxes, insurance, and agent commissions.
Earnest Money: A deposit made by the buyer to demonstrate serious intent, held in escrow until closing or contract termination.
Clear insights for confident real estate decisions
Understanding terms like escrow, contingencies, and closing costs can simplify your buying or selling journey. These concepts shape the transaction process and protect your interests.
Knowing how appraisal values, inspections, and title searches work helps you avoid surprises. Professional guidance ensures you navigate each step with clarity and control.
Key Real Estate Concepts Explained
Real Estate FAQs: Clear Answers for Confident Decisions
Navigating real estate can be complex. Here, common questions about buying and selling homes are answered to help you understand the process and avoid surprises.
What is earnest money and why is it important?
Earnest money is a deposit made to show your serious intent to buy a property. It helps secure the contract and is typically applied toward your down payment or closing costs.
How does the home inspection process work?
A home inspection evaluates the condition of a property before purchase. It identifies potential issues so buyers can negotiate repairs or decide if the home meets their standards.
What does 'contingency' mean in a real estate contract?
A contingency is a condition that must be met for the sale to proceed, such as financing approval or a satisfactory inspection. It protects buyers and sellers during the transaction.
How do closing costs affect the final price?
Closing costs include fees for services like title insurance, appraisals, and lender charges. They typically add 2-5% to the purchase price and should be budgeted accordingly.
Need More Help?
If you have questions beyond these answers, reach out to Wendy Dean for personalized guidance tailored to Northern Virginia’s market.
Get in Touch for Personalized Real Estate Support
Reach out to Wendy Dean at Cherry Blossom Property for tailored guidance on buying or selling your home in Northern Virginia and Washington DC. Fill out the form below or use the contact details to connect directly and receive expert assistance.
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