by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
The principal balance of a mortgage loan is the amount of the payoff. The principal is reduced with each monthly installment which also includes taxes, interest, and...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A contract is a formal agreement put in place during a real estate transaction. The contract begins when a buyer makes an offer, and both the buyer seller agree to move...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Contingencies are clauses built into the contract that allow a buyer to back out of the sale if specified conditions are not met. For example, a buyer could make their offer contingent upon the sale of their current home. In this example, a buyer could back out of the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Cash reserves are the money that is set aside to cover unexpected costs. If a roof or foundation of a home needed repairs, a cash reserve fund would be used to help cover the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A buyer’s agent can help a homebuyer by representing their interest in a real estate transaction. A buyer’s agent’s main purpose is to help a buyer purchase a...
