July 26, 2021
Buying your first home is a new and exciting experience that will present you with a variety of firsts. Knowing the basic vocabulary used by real estate agents, home builders, and other buyers will help prepare you to purchase your first home while removing some of the stress that comes along with it! We have put together a list of commonly used terms like "closing costs" or "appraisal" and their accompanying definition to prepare you for your home buying journey. Check out our first time home buyers vocab cheat sheet below!
An agreement between a buyer and seller to purchase real estate. Also known as a sales contract.
Offer on a home has been accepted, but finalized sale is contingent upon certain criteria. Typically an appraisal, home inspection, or mortgage approval.
Fees paid at the end of the transaction either by the seller or buyer or both. They include the taxes, insurance, and other lender expenses.
Deposit made to a seller showing the buyer's good faith in a transaction. Typically held in a trust or escrow account.
Examination of the property’s condition. Usually performed by a qualified home inspector of your choice.
A bundle of rights in a piece of property. The Title Company will provide you with the preliminary title report to review before accepting the property.
Property and/or land evaluation completed by an appraiser who determines the market value. This process can take 2-4+ weeks.
Choose your homeowners insurance and provide the information to your lender. Be sure to gather 3 or more quotes before choosing.
Schedule closing as soon as you receive the Okay from your lender. This is when you will be signing for the home. This process takes about an hour.
The day after signing the ownership of the property it will be transferred to the buyer. This is the day you will receive the keys!
Are you ready to purchase your first home but not sure what to look for or where to start? Visionary Homes is here to help from helping you pick out your dream neighborhood to the fine details of your home. No matter your questions or concerns, we are here to help turn your vision into a reality! Fill out the form below or call us at (435) 228-4702 to get started.
The post First Time Home Buyer Vocab Cheat Sheet appeared first on Visionary Homes.
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