Presenting

theArtofMarketing Ultimate Buyers Guide

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Agent Name Here, Realtor Ò Your Brokerage Company | 888.888.8888 | 5 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. ©theARTof Marketing.org

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