Real Estate Dictionary

Real Estate Dictionary

Ready to make the move and get into your dream home? Congrats on making that important decision! Prepare yourself for the process by knowing some of the real estate lingo we pros use! Below are some of the most common terms you may hear in the real estate process:

Buyers agent: A real estate professional whose purpose is to work in the best interest of the buyer.

Sellers Agent: A real estate professional whose purpose is to work in the best interest of the seller.

Short sale: When the proceeds from a sale of property are less than the amount of money on the mortgage.

Foreclosure: This is when the mortgage holder no longer has any rights to the property and ownership has converted back to the bank.

Contingency: This is a provision in a contract that states that certain conditions must be met for the sale of the home to be completed.

Ratified: When all parties in a real estate transaction are in agreement to the terms of the contract. Also known as “meeting of the minds.”

Escrow Account: This is an account held my a neutral third party in a transaction where something of value, such as a down payment, will be held until closing.

EMD: This is a good faith down payment which demonstrates to the sellers that the buyer is series in their decision to purchase their property.

Home inspection: This is a thorough and detailed examination of the condition of a home in an effort to discover any defects or flaws that must be addressed.

Settlement expenses: Fees that are in addition to the cost of a home, which can include the cost of title transfer, attorney fees, surveys, etc.

Don’t see the word you would like more explanation on? Simply contact Ask Gina & Company, your Loudoun County Real Estate experts, and we would be happy to fill you in. Knowledge is power!

Gina Tufano with Keller Williams Realty Loudoun Gateway, Ashburn, VA

http://www.ask-gina.com/  * 703-574-3478