Do you speak the language of a home buyer? If you are a first time home buyer, more than likely you will feel like you are stepped into a foreign land.
Here is a quick list of the most common terms you will need to know before you make that offer:
- Contract - an agreement between two or more competent parties to do something.
- Earnest Money- also known as good faith money. It is a held either by the listing broker or the attorney until closing.
- Binding contract date - this is the date when both parties have agreed on terms. It also starts the clock ticking for all contract time lines.
- Down Payment - the financing program you select will determine the amount of your down payment.
- an offer by one party
- an acceptance by the other party
- competent parties
- consideration - this is the earnest money deposit
- legal purpose
- written documentation
- description of the property
- signature by all parties
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The opinions and general information in this blog are soley those of Kathy Sheehan. Specifics regarding an individual case should be discussed in detail with a loan professional. For a confidential consultation, please feel free to contact me via phone or email. All terms and conditions are subject to change.