Offer: Real estate purchase agreement made between a buyer and a seller. This may also be referred to as a sales contract.
Contingent: Offer made on a piece of real estate has been accepted, but certain criteria is still needed for a sale to be finalized. Common contingencies include property appraisal, home inspection or mortgage approval from the buyers’ bank.
Closing Cost: Fees paid at the end of the real estate transaction. Buyers and sellers may have closing costs to pay. These fees include things such as taxes, insurance and bank fees.
Earnest Money: Deposit made by the buyers at the beginning of a real estate transaction. This money is usually held in an escrow account and shows the buyer’s “good faith” in the transaction.
Home Inspection: Official examination of the property’s condition. This is done by a qualified home inspector.
Appraisal: Valuation that determines the market value of a home. This is done by a professional appraiser and can take two to four weeks or more.