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...

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

Equity is calculated by taking the difference between the amount owed to a lender and the market value of a property. Considering a...

An easement grants someone the legal right to use another person’s real estate for a specific purpose while leaving the title in the...

A breach of contract is a violation of any term or condition included in your real estate contract. This can apply to sellers or buyers...

A bill of sale records the transfer of a property from a seller to a buyer. The seller typically signs this document at closing. The bill...

Assessed value is the dollar value placed on a home by the local municipality, which then decides how much a homeowner owes in property...

An adjustable-rate mortgage (ARM) is a mortgage with an interest rate that goes up or down based on market conditions. There's usually a...

Closing costs are the other expenses associated with the sale of a home. or example, the buyer has a variety of fees connected to...

Conventional mortgages are funded by private lenders rather than government-backed agencies. Most often, these loans are then sold to...

Due diligence is the period of time when a buyer examines a home’s condition and contract terms before becoming legally obligated to...