Team Players
This professional helps buyers find homes and negotiate offers.
Who is a Realtor®?
This 12-page document outlines the terms and conditions of buying a home.
What is the Purchase Agreement?
After an offer is accepted, a Buyer may have a window of time available to complete inspections and negotiations.
What is the inspection contingency period?
The amount of cash that the Buyer will be contributing towards their financing (usually described as a %).
What is the down payment?
This metric measures how many days a home takes to sell.
What is Days on Market (DOM)?
This professional helps buyers obtain financing.
Who is a mortgage lender?
A clause or clauses in the contract that specify the terms upon which a Buyer may cancel the Purchase Agreement.
What is a Contingency?
Form used to change terms on the Executed Purchase Agreement, after the original acceptance.
What is an Amendment?
This cost is often paid at closing and includes lender fees, title fees, and prepaid expenses.
What are closing costs?
A market where the supply of listings is less than the demand. (<3 months inventory)
What is a Seller's Market?
This professional evaluates a home's condition and identifies potential defects.
Who is a home inspector?
This date determines when ownership officially transfers from seller to buyer.
What is the closing date?
This naturally occurring gas is commonly tested for in Minnesota homes.
What is Radon?
This recurring monthly fee is commonly associated with condos and townhomes.
What is an HOA fee?
Describes a real estate market where neither the Buyer nor the Seller has a distinct advantage over the other.
What is a Balanced Market?
This professional researches ownership records and facilitates the closing process.
Who is a title company or closing agent?
An additional page to the contract, used at the time of the offer.
What is an Addendum?
Homes built before 1978 require an extra Addendum & Seller Disclosure regarding the presence of this type of construction material.
What is Lead-Based Paint?
A financial deposit made by the Buyer, upon acceptance of the Purchase Agreement, which is held in a Trust account until closing/cancellation.
What is Earnest Money?
This statistic represents the middle sales price of all homes sold.
What is the median sale price?
This professional evaluates the value of a property for a lender.
Who is an appraiser?
In MN Real Estate, Buyers and Sellers have the option to handle disputes with damages exceeding $20,000 without going through litigation.
What is Arbitration?
A camera is fed through the cleanout to search for cracks or root clogs.
What is a Sewer Scope?
Buyers often pay for this policy to protect against hidden title issues.
What is title insurance?
The rate at which new listings coming to market are being purchased.
What is the Absorption Rate?