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Pre-approval letter
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...
Escrow
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...
Equity
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...
Easement
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 of attorney
A person with power of attorney is allowed to execute legal documents on another person's behalf.
Points
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 mortgage.
Offer
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 price.
Earnest money
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...
Dual agency
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...
Disclosure
A disclosure statement is a document provided by the seller that details any negative aspects of the property. This could include roof or foundation...