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Key Terms Every Buyer and Seller Should Know

Navigating the real estate market can sometimes feel like learning a new language. Whether you’re buying your first home or preparing to sell, understanding the key terms used in the industry is crucial for a smooth transaction. Here’s a breakdown of essential real estate vocabulary that every buyer and seller should know:

Appraisal

An unbiased professional assessment of a property’s value. Essential for securing a mortgage, it reassures lenders that the property is worth the loan amount.

Closing Costs

The suite of fees and expenses that both buyers and sellers incur during the transaction process, including title insurance, attorney fees, and loan origination fees.

Contingency

A clause in the real estate contract that allows parties to back out under specific circumstances, such as failed home inspections or financing issues, without financial penalty.

Equity

The difference between the current market value of your property and the amount you owe on the mortgage. It’s a measure of your financial stake in your property.

Fixed-Rate Mortgage

A mortgage with a constant interest rate throughout the life of the loan, guaranteeing predictable monthly payments.

Home Inspection

A critical examination of the property’s condition, performed by a certified inspector. It can reveal hidden issues, allowing buyers to request repairs or negotiate the price.

Listing Agent

A real estate agent who represents the seller, responsible for marketing the property and negotiating the best possible sale terms.

Mortgage Pre-Approval

A lender’s formal evaluation of your financial background to determine how much you can borrow. A vital step that strengthens your position as a buyer.

Multiple Listing Service (MLS)

A comprehensive database where real estate agents list properties for sale, providing detailed information and broad exposure.

Offer

A buyer’s formal proposal to purchase a property, outlining the price and terms of the transaction.

Understanding these terms is just the beginning of your real estate journey. For more in-depth explanations and advice, consult with a licensed real estate professional who can guide you through every step of your transaction. Remember, in real estate, knowledge truly is power.

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ben

Ben Willard, Realtor®

Equity Real Estate - Advantage

Phone: (435) 800-1771

Email: team@luxuriousutah.com

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