Ok, home-shoppers! We found some help for the first time home-buyers. When it comes to buying a home there is a lot to understand.
Considering all the terms and timelines in the home buying process, it might seem like a bunch of mumbo jumbo, but a good Realtor can help smooth out that rocky road!
Here are 10 terms to familiarize yourself with:
This agreement between a buyer and seller to purchase real estate is also known as a sales contract.
This is when a seller accepts a buyers offer though there are certain items the final sale is contingent upon. Contingencies may include home inspections, appraisals, and mortgage approval.
3: Closing Costs
These fees come with the finalization of a real estate transaction, and may be covered by the buyer, seller, or both.
4: Earnest Money
This money is paid by the buyer to show good faith in a real estate transaction. It may be held in a trust or escrow account during the closing process.
5: Home Inspection
You’ll want to ensure the home of your dreams can live up to your expectations! Get a qualified home inspector to help make sure you don’t find any surprise issues.
A property title tells the story of ownership for the property, and is filed in the home county. You’ll work with a title company to ensure the title is transferred smoothly from seller to buyer.
An appraisals will help determine an approximate current market valuation for your potential property.
If you’re taking out a mortgage it’s required, and unless you can front the cash value of your property in a bad situation, you’ll want it. Shop around for homeowner’s insurance, and make sure you’re covered.
You’ll head over to the title office to sign all the papers for the transfer of your new place!
Following recording of the title to the county, ownership is officially transferred!
Our Brokerage firm has friendly knowledgeable agents, and Southwest Colorado realty experience spanning decades. In Pagosa Springs, Colorado, count on Pagosa Brokers Real Estate. We’d be happy to help guide you through the stages of home buying and selling!
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