Who's on the Roster?
This professional helps buyers find homes and negotiate offers.
Who is Kristy?
Who is a Realtor® is also acceptable
A legally binding contract between a buyer and a seller that outlines the specific terms and conditions of a real estate sale.
What is a purchase agreement?
A clause that allows the buyer to inspect the home and, if defects are identified, renegotiate or walk away from the purchase.
What is an inspection contingency?
This is the initial cash payment a buyer makes upfront toward the purchase price, usually ranging from 3% to 20%.
What is a down payment?
This metric measures how many days a home takes to sell.
What is Days on Market (DOM)?
A financial professional at a bank, credit union, or mortgage company who helps borrowers secure a home loan (mortgage).
Who is a Mortgage Loan Originator (MLO) or a Mortgage Broker?
These specific clauses in a contract allow a buyer to legally walk away or cancel the Purchase Agreement.
What are contingencies?
A formal, written document used to change, add, or delete terms in a real estate contract that has already been signed by both parties.
What is an amendment?
These extra fees—including loan origination and title insurance—are paid on the final day of the real estate transaction.
What are closing costs?
A market where the demand for homes exceeds the available supply of homes for sale. (< 3 months' inventory)
What is a Seller's Market?
This professional visually examines a home's structure and systems from roof to foundation to find hidden defects.
Who is a home inspector?
This specific calendar date in the agreement is the absolute deadline when ownership officially transfers to the buyer.
What is the closing date?
This specific hazardous gas, formed by natural radioactive decay in soil, is often tested during a specialized inspection.
What is radon gas?
These fees are collected to maintain common areas, fund shared amenities, manage operations, and build emergency savings for the association.
What are HOA dues?
Describes a real estate market where neither the Buyer nor the Seller has a distinct advantage over the other.
What is a Balanced Market?
A neutral third-party entity that facilitates the final transfer of real estate ownership from the seller to the buyer.
What is a title company?
A separate document that adds new terms, conditions, or disclosures to a real estate contract before it is signed and finalized by both parties.
What is an addendum?
If a residential property was built before 1978, the seller must legally provide the buyer with a completed addendum detailing any known __________ hazards before a purchase agreement can be finalized.
What is Lead-Based Paint?
This cash deposit is submitted with the purchase agreement to prove the buyer is serious and acting in "good faith."
What is earnest money?
This statistic represents the middle sales price of all homes sold.
What is the median sale price?
This expert evaluates a property to provide an independent, official estimate of its fair market value for the lender.
Who is a real estate appraiser?
A voluntary, optional program designed specifically to handle legal disputes over a seller's failure to disclose material facts about a property's condition without going through litigation.
What is arbitration?
A specialized home inspection video exam that looks inside a property’s underground lateral sewer line.
What is a sewer inspection or sewer scope?
A specialized insurance policy that protects home buyers and mortgage lenders from financial losses linked to hidden legal defects in a property’s ownership history.
What is title insurance?
A metric that compares the final selling price of a home to its original or last asking price, described as a percentage.
What is the List Price to Sale Price ratio?