Real estate transactions often include terminology that may be unfamiliar. Understanding these terms can make the process easier. Common real estate terms include:
Earnest Money
A deposit made by a buyer to show serious intent when submitting an offer.
Appraisal
An independent estimate of a home’s value used by lenders during the financing process.
Contingency
A condition that must be met before a real estate transaction can move forward.
Title Insurance
Insurance that protects buyers and lenders against potential ownership disputes or claims against the property.
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