A lease that determines the rental prices by evaluating the annual consumer index and determining fair rental price. Considering a career...

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

Days on Market (or DOM) measures the number of days between a property being actively listed for sale and the contract being signed by...

HOA’s are private organizations that take charge of general maintenance and governance of areas of property, usually for condos or gated...

A home inspection is carried out by a qualified third party to determine the state of the property and identify if there are any major...

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

When buying or selling a house, there is likely to be a real estate appraisal when getting a home loan through a mortgage lender. Lenders...

A home appraiser is a qualified individual who determines the value of a home, usually either to assess property tax or as a basis for a...

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

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

When a buyer and seller agree on a purchase agreement, the home moves to “under contract” status. This means both parties are legally...

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...

A Seller’s Disclosure is a legal document sellers must fill out stating any home defects that may affect its value. Requirements on what...

Refinancing is obtaining a new loan to pay off an original loan on the same home. Often this is done to get better loan conditions, like...

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

A lien secures payment by giving the lien holder a legal claim to the property. A mortgage is a type of lien because your lender can...

A home equity line of credit is a loan where you can borrow money against your home’s equity when you want it, not as a lump sum. This...

A fixed-rate mortgage mortgage guarantees one interest rate for the duration of your loan. With a fixed-rate mortgage, your monthly...

Escrow is a legal arrangement where a third party holds large funds until terms of an agreement are met. In real estate, you’ll set up an...