Held at office of buyer's attorney or lender's office. Termite inspection, component inspections and environmental inspections.īuyer exercises right of pre-closing inspection of property as soon as possible after contract acceptance. An attorney selected by the seller prepares the deed. Loan applications for more than 80% LTV (Loan to Value) will require private mortgage insurance approval also.īuyer's attorney institutes title search, begins computation of the closing statement and other necessary documentation. Lender, having certified buyer's employment, approves mortgage application and forwards documentation to buyer's attorney or loan officer. Lender approves buyer's credit and property being purchased as collateral for loan. Lender orders credit report and a certified appraisal. Offer to Purchase and Contract accepted and signed by seller.īuyer submits formal loan application to Lender and signs docs to begin the process. Seller agrees to convey by warranty deed.*NOTE foreclosures are typically conveyed by a special deedĪverage time to closing (transfer of title) is 30 to 60 days, but is negotiable and could be less time depending on parties desire. Usual inspections are termite, whole house, radon, mold, lead paint. Upon contract acceptance, this is placed in a non-interest bearing account in Broker's Trust Account or Closing Attorney's Escrow AccountĪ typical contingency is obtaining a mortgage. If you have questions or want to know more details of the real estate lingo, let us know down in the comments.Get pre-qualified with your lender! Offer to Purchase and Contract is signed by buyer and accompanied by a deposit of agreeable between Buyers and Sellers. Using these words not only will impress your realtor, but you will impress yourself as well. Escrow– A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer.Buydown– money advanced by an individual (builder, seller, etc.) to reduce monthly payments for a home mortgage either during the entire term or for an initial period of years.The closing includes the delivery of the deed, financial adjustments, the signing of notes, and the disbursement of funds necessary to complete the sale of the loan transaction. Closing– the consummation of a real estate transaction.It’s customary for the buyer to pay for the lender’s title insurance policy. Title Insurance– An insurance policy that protects a lender’s or owner’s interest in real property from assorted types of unexpected or fraudulent claims of ownership.Appreciation– When a properties value increases because of various reasons like inflation or changes in market conditions.The agency relationship usually is created by a signed listed contract. All fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms for the seller. Seller’s Representative– The seller’s representative, or listing agent, is hired by and represents the seller.This generally involves the origination fee, discount points, appraisal, credit report, title insurance, survey, and prepaid items such as tax and insurance escrow payments. Closing Costs– Money paid by the borrower in connection with the closing of a mortgage loan. Assessed Value– The value that a taxing authority places on a real or personal property for the purpose of taxation.VA Loans– The VA loan is a loan guaranteed by the government (Department of Veteran Affairs) and available to the military, active and retired, and even for some eligible spouses, at low-to-no-down payment scenarios with competitive rates and fees.Seller Disclosure– A disclosure by the seller of information about the property, or which could affect a buyer’s decision to purchase the property, all of which to the best of the sellers knowledge.Here is a list of 10 words that you need to know today. We have a list of some common words that your realtor will be using and you need to know. The real estate world has a language of its own and it’s time for you to learn.
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