If you are a first time homebuyer, or someone who hasn't

been through the process in a few years, there are bound to

be a few key terms you are not familiar with.  Here are

definitions to some homebuyer vocabulary words.

Asking Price -

This is the seller's initial price for the property and the starting point for all price negotiations.

Offer -

This is a commitment by the buyer to purchase the property and enter into a contract of sale.  The offer becomes official when a contract, also known as a purchase agreement, is signed by the seller and returned to the buyer or his or her agent.

Home Inspection -

This is an examination of the home's structure, condition and major systems by a licensed professional.  This report alerts buyers to any potential problems.

Walk-through -

This is the buyer's final inspection of the home during which he or she can determine if the conditions of the purchase agreement have been met.

Closing -

This is the day when the buying and selling parties meet to conclude the real estate transaction.  All documents are signed and recorded and the property is officially transferred.  There are most always procedural costs on this day for both the buyer and the seller.

First time Homebuyer?  Contact our office and we will help you every step of the way.