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...

A home inspection involves the evaluation of a property's condition, including electrical work, sewage, and plumbing before the closing....

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

An exclusive listing is when a seller commits to working with one specific broker and a designated agent on the sale of a property....

The down payment is the amount of money a buyer has saved in order to purchase a property. This can typically range from 5 - 20% of the...

Seller concessions are items that the seller agrees to pay for on behalf of the buyer. These can include covering closing costs, or a...

The fair market value of a home is the price a buyer would be willing to pay a seller for a home in an open market. It tries to disregard...

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

The walk-through usually refers to the final tour of the property a buyer takes right before the closing. The goal is to ensure the home...

A counter-offer is a response to a buyer’s bid. It’s a part of the negotiating process between buyers and sellers. Considering getting...

Contingencies are clauses in a purchase and sale agreement specifying an action or requirement that must be met (or met within a certain...

The right of egress legally allows someone to exit a property, while the right of ingress legally allows someone to enter the property....

A judicial foreclosure occurs when a mortgage agreement lacks the “power of sale” clause allowing the lender to sell the property to pay...

An exclusive listing is an agreement between a seller and a specific real estate agent wherein the agent earns commission by finding a...

Comparable sales are one of the metrics used by appraisers to determine a property’s value. By looking at properties in a similar area...

When a property is listed as “active under contract” it usually means the seller has accepted an offer, but the buyer has yet to fulfill...

When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property...

A contingency is a part of the agreement that must be met, otherwise the other party can cancel the contract. For example, a buyer...

The interest rate for an adjustable-rate mortgage changes periodically. You might start with lower monthly payments than you would with a...