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Appraisal – A professional
analysis of a property used to
estimate the value. A necessary
step in validating a home's worth
to you and your lender as you
secure nancing.
Closing Costs – The fees
required to complete the real
estate transaction. Paid at closing,
they include points, taxes, title
insurance, nancing costs, and
items that must be prepaid or
escrowed. Ask your lender for a
complete list of closing cost items.
Covenants &
Restrictions
– Rules and regulations placed on
real property by a homeowner's
association (HOA), a neighborhood
association, a builder or developer.
They establish requirements and
limitations on what a homeowner
is allowed to do with the property
and may include fees or special
assessments.
Down Payment – Typically,
3-20% of the purchase price of the
home. Some 0% down programs
are also available. Ask your lender
for more information.
A list of some of the most common terms used in the
home buying process that you'll want to know.
Earnest Money Deposit
– Sometimes referred to as a
"good faith deposit," the earnest
money deposit (EMD) is the initial
funds a buyer puts down once a
seller accepts the buyer's offer.
The amount of the EMD may vary
between 1 to 5 percent of the sales
price.
Loan Contingency – A
clause in the contract that allows
the buyer out of the deal with
their deposit if they cannot secure
a mortgage with specied terms
during a set period of time,
typically 30 days.
Mortgage Pre-Approval
Letter
– A letter from a lender
indicating you qualify for a
mortgage of a specic amount.
Seller's Disclosure – A
disclosure by the seller of
information about the property to
the best of the seller's knowledge.
A seller must also indicate items
such as knowledge of signicant
construction projects, property
line or use disputes, military base/
airport related noises or activities,
association-related assessments
or legal issues.
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