Property Basics
This term describes how attractive a property looks from the street.
What is Curb appeal?
This is the upfront portion of a home’s purchase price paid by the buyer.
What is a down payment?
This agent represents the person purchasing the property.
“What is a buyer’s agent?”
This recurring payment is usually made to borrow money for a home.
“What is a mortgage payment?”
A property that needs significant repairs is often called this.
“What is a fixer-upper?”
A professional checks the condition of a home before purchase.
“What is a home inspection?”
This document estimates the market value of a property.
What is an appraisal?
This is the agreement that allows an agent to market and sell a property.
“What is a listing agreement?”
This is the difference between a home’s value and the amount still owed on it.
“What is equity?”
This term describes a market where demand is greater than the number of available homes.
“What is a seller’s market?”
This feature allows natural light and fresh air into a room.
What is a window?
This document shows a buyer’s estimated monthly payment and loan terms.
What is a loan estimate?
This is the price a seller initially asks for a property.
What is the listing price?
This fee is paid to the lender for processing and approving a mortgage.
What is an origination fee?
This describes a property that is owned without a mortgage or other major debt.
What is free and clear?
This is the legal description of the boundaries and location of a property.
What is a property survey?
This is the process of searching public records to confirm who legally owns a property.
What is a title search?
This agent helps determine a home’s asking price using recent local sales.
What is a listing agent?
This insurance may be required when a buyer makes a small down payment.
What is private mortgage insurance?
This term describes the final meeting where ownership officially changes hands.
What is closing?
A building containing multiple separate homes is commonly called this.
What is an apartment building?
A certain amount of time allows a buyer to cancel or renegotiate after reviewing the home’s condition.
What is an inspection period?
This event allows potential buyers to tour a property without making a private appointment.
What is an open house?
This tax is generally based on the assessed value of a property.
What is property tax?
This type of market gives buyers more negotiating power because many homes are available.
What is a buyer’s market?