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...

If a buyer or seller want to change an existing contract, they might add an addendum outlining the specific part of the contract they’d...

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

A right of refusal is when a lease or contract might include "right of first refusal" to note that an individual has the right to put an...

Negative Amortization is when interest on a mortgage loan has not been paid to the lender, it's added to the loan balance. Considering a...

A Homeowner's Association is when a group of homeowners in a community, such as a condo, join in paying fees that cover the maintenance...

The fair market value of a property is the price a property would fetch if it was put up for sale under current conditions. Determining...

Earnest money is cash, usually held in an escrow, that shows the seller that the buyer is serious about going through with the...

Conventional mortgages are among the industry’s most common loan offerings. In fact, many homebuyers choose a traditional 30-year...

Put simply, the chain of title is the backstory of a property. It’s a record of who built the home, how much it cost, how long they lived...

Sometimes the terms “real estate agent” and “real estate Broker” are used interchangeably, but the truth is real estate agents sell real...