A call option is a contract giving one party the right to buy and another party the right to sell a piece of property at a future time...

When a seller accepts an offer from a buyer, that offer is contingent upon the buyer’s ability to meet certain conditions before...

Also known as an acceleration covenant, this is a contract provision requiring the borrower to repay all of their outstanding loan to a...

An exclusive listing occurs when a seller contractually agrees to work with only one broker. In contrast, an open listing means the...

A home inspection examines a home’s condition to find any major safety or structural issues. Inspections usually look at a home’s...

A title shows ownership of a property. It differs from a deed in that a deed is a physical document and a title is not. Title represents...

Comparables are recently sold properties that help appraisers determine a home’s fair market value. They are similar to the listed...

A purchase agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale...

Preapproval is the process of establishing what a borrower can reasonably afford when taking out a loan. Lenders will look at your...

A comparative market analysis (CMA) is something a real estate agent will complete to determine a home’s value and the asking price when...

A pre-approval is confirmation from a lender saying they agree in principle to extend you a mortgage, up to a certain amount. Some real...

An escrow account refers to the financial instrument, managed by a third party, holding in escrow various funds (see above) involved in a...

A real estate purchase contract or REPC (pronounced “rep see”) is a legally binding document that outlines the terms and conditions of a...

A home inspection usually occurs after a home is in contract — that is, buyer and seller have signed an initial agreement. Conducted by a...

A conventional sale is when the property is owned outright (has no mortgage remaining) or the owner owes less on their mortgage than what...

A conventional sale is when the property is owned outright (has no mortgage remaining) or the owner owes less on their mortgage than what...

Being under contract refers to a prospective buyer and seller reaching an agreement on a property. At this early stage, both parties are...

A lease or contract might include "right of first refusal" to note that an individual has the right to put an offer on a property before...

The pre-approval process involves a potential lender or bank reviewing an individual's finances, including their income, assets, and...

Fair market value is the amount a property would sell for in a competitive market, or when a seller and buyer can agree on the price of a...