Home Seller's Glossary
There are several real estate terms you may come across as you sell your home. Here are a few you might find useful:
- Closing - The completion of your transaction with a buyer. At this point, you will generally go to a title company to sign documents.
- Contingency - A plan for something that may occur but is not likely. For example, your offer may be contingent on the home passing a home inspection. If the home does not pass inspection, you're protected.
- Earnest Money - A dollar amount that the buyer deposits with the title company to ensure commitment.
- Equity - The value in your home above the total amount of the liens against your home. If you owe $100,000 on your house but it is worth $130,000, you have $30,000 of equity.
- Escrow - The holding of money or documents by a neutral third party before closing.
- Option Period - Something we typically do not do. It's a point when the buyer investigates the property and has the option to terminate the contract if expectations are not met. The house is off the market at this point, and you are contractually obligated to sell the property to the prospective buyer unless the contract is terminated.
- Short Sale - The sale of a home for less than what you still owe on the mortgage.
- Title - A document used to prove ownership of property.
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