What is Earnest Money?
A deposit made by the potential home buyer to show that he or she is serious about buying the house. Applies toward buyer's down payment at closing
What is an Appraisal?
A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
What is a Home Inspection?
A thorough inspection by a professional that evaluates the structural and mechanical condition of the property. A satisfactory home inspection is often included as a contingency by the purchaser.
What is a Contingency?
A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.
What is Joint Tenancy?
A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.
What is Tenancy in Common?
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
What is Title Insurance?
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.