Guide to Popular Real Estate Terms When Buying or Selling
When buying, selling, or just browsing, there are a handful of popular real estate terms you are sure to come across. We're always here to make your real estate process as easy-to-understand as possible, but we’re sharing common real estate terms so you’re prepared on your own, too!
Guide to Popular Real Estate Terms When Buying or Selling
🏡 Buyer's Agent— A professional real estate agent who guides a buyer through the process of purchasing a home.
🏡 Earnest Money— Funds sent from a buyer to a seller with an offer letter to express readiness and seriousness to purchase a home. The money is typically held in escrow (see below).
🏡 Contingency— A contingency in an offer means there’s something the buyer has to do for the process to move forward, such as getting approved for a loan or selling a property they own.
🏡 Escrow— A fund held by a neutral third party until the purchase transaction has been finalized.
🏡 Closing Costs— Expenses beyond the price of the home that must be paid to finalize the transaction.
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