by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A pre-approval letter is an unofficial letter from a mortgage company that notifies the agents and sellers to the amount of money a buyer may borrow to purchase a house. Sellers may require that a buyer provide this document to ensure they are only entertaining...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Escrow is a service that is provided by a third party in which an escrow company will hold funds until broker’s representing each party have fulfilled their portion of a contract. The escrow company will issue the keys to the new homeowner once all the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Equity is the difference between the worth of a property, and the amount that is owed on that property. This will vary depending on market conditions. An appraisal is completed to determine the market value of the home and calculate the equity. In cases where the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Easements allow the use of land by a third party for a specific purpose. For example, a utility company may hold an easement if they need to access power lines or cables that are on your property. Easements should be included in the disclosure...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A person with power of attorney is allowed to execute legal documents on another person’s...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Mortgage points are fees that are paid to the lender at closing in exchange for a lower interest rate. Usually, one point costs 1% of the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
An offer is the amount of money that a buyer is willing to pay for the purchase of a property. This may be higher or lower than the listing...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Earnest money is used to show that a buyer is serious about making an offer on a real estate sale. If the sale were to fall through, the seller typically returns the earnest money to the buyer. In some cases, some of that deposit may be used to cover cancellation...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
With a dual agency, a real estate agent represents both the buyer and the seller. If an offer is made on the property, both the buyer and seller must agree to dual representation. A benefit of dual agency is that this can streamline the process of the home...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A disclosure statement is a document provided by the seller that details any negative aspects of the property. This could include roof or foundation issues, pest problems, or mold, for example. The disclosure should also state any repairs or upgrades that you have...
