Homebuying Glossary for New Buyers

Homebuying Glossary for New Buyers

New to buying a home? Having trouble understanding the lingo that your real estate agent might be speaking? Here are some key words to learn!

Appraisal- An estimate or assessment of the worth, value or quality of a home/property.

Building Codes- Rules established by a local or state jurisdiction that rule how the house can be built or modified.

Certificate Of Title- A document that ensures that the property is legally owned by the person who bought it.

Closing Costs- All expenses and fees that are associated with closing on a home.

Comparative Market Analysis (CMA)- A study of how comparable local homes have sold for. This helps determine the price of the property.

Contingencies- Conditions that must be met in order for the offer to proceed.

Ernest Money Deposit- An initial payment that is made to the seller in order to show serious intention in buying. This is also referred to as a “Good Faith Deposit”.

Escrow- An account where all closing costs are collected while the lender approves the deal.

Homeowners Association (HOA)- An organization that overrules community and neighborhood rules and standards.

Loan to Value Ratio- How a lender determines if a loan is worth the risk associated with it.

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Right-sized and right around the corner from everything you want out of life, Lakes at Creekside is your home for exceptional luxury living. If you’d like to learn more, we’d love to hear from you.