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

Home equity line of credit (also referred to as a HELOC) is a second mortgage that allows a homeowner to borrow money against their...

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

During the home buying process, your money will be placed "in escrow" and is protected by a third party until the real estate transaction...

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...

A conventional mortgage is Ideal for borrowers with strong credit, this type of loan is not backed by a government agency like the...

When a buyer makes an offer on a property they haven’t seen, even when it was possible to see it, that offer is considered a “blind...

DOM is defined as the number of days from the date on which the property is listed for sale on the local real estate brokers’ multiple...

A home sale contingency is for a buyer to indicate to a seller that part of their condition to purchase the seller’s property relies on...

Also known as a “due diligence contingency,” the inspection contingency is a clause sometimes offered in a purchase agreement that grants...

A title search examines public records for the history of the home, including sales, purchases, and tax and other types of liens....

In a short sale, the property is being sold for less than the debt secured by the property. Short sales will require the approval of the...

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

Private mortgage insurance is a policy that protects your lender in case you default on your loan. Usually, if your down payment is less...

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...

Earnest money is part of your down payment paid before closing to show you are serious about purchasing a home. It is also known as a...

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

A right of first refusal clause is a valuable tool for sellers who find themselves dealing with a home sale contingency. This clause...

Dual Agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is...

An escrow holdback agreement lets the buyer hold back a portion of the seller’s proceeds in escrow. There are various reasons you may...