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...

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

If a borrower needs relief from mortgage debt, they may choose to do a deed in lieu of foreclosure. This transfers deed ownership to 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...

Comparables are recently sold properties that help appraisers determine a home’s fair market value. They are similar to the listed...