What to Know
-
This is a valuation of your property ordered by the buyer's mortgage company and conducted by a state-licensed appraiser.
-
The expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction.
-
A signed legal document that transfers ownership to a new owner.
-
This is a preliminary evaluation of a borrower's credit worthiness that generally includes income and asset verification by a mortgage lender.
-
Provides details about a property's condition, ages on systems and improvements done on the property.
-
This is the examination of public records to determine and confirm a property's legal ownership and open mortgages.
There are a lot of terms thrown around during the homebuying process. To help you understand them better, see some of the most common ones used in real estate: