Home-buying lingo for beginners

Buying a home means entering a new world filled with what may be unfamiliar terms. Here’s a short cheat sheet to help you increase your real estate vocabulary.

Appraisal: Estimated value of a property, conducted by a licensed residential real estate appraiser.

Comparative market analysis: A study of comparable homes to determine a reasonable asking price for a property.

HOA: A homeowners association is an organization that determines the rules and standards of a community.

Due diligence: Actions, such as a title search, that responsible buyers take in order to protect their real estate investment.

Earnest money: A deposit made to a seller that demonstrates the buyer’s good faith and is applied toward the down payment at closing.

Title: A term referring to the ownership rights and possession of a property.

Contingencies: A condition or action, such as a home inspection, that must be met for the real estate contract to become binding.

Escrow account: Where earnest money is held by a third-party, such as a title company or bank, until the closing.

Any other terms tripping you up? Reach out, let’s talk!

Five Star award Winner 2011-2018 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Earth Advantage Broker, Diversity Specialist-HOWNW, CSA-Certified Staging Agent, Oregon First, Washington First

Direct 503.380.9634, Email-    homesforyou@frontier.com

View a CURRENT list of ALL available Houses on the market on my website.

***I’M ALWAYS HAPPY TO HELP YOU AND YOUR REFERRALS***

Licensed in the State of Oregon and Washington

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