Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.
Value placed upon property for property tax purposes by the tax collector.
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, and title insurance.
Certain criteria that have to be met in order to finalize the sale.
A good faith deposit the buyer makes with an offer to show that you are serious about buying the property. In exchange, the seller agrees to stop marketing the property.
The buyer reviews the house just before closing to make sure everything is in the same condition and that all home inspection items are fixed.
An expert conducts a formal review of the property to find visible issues that need to be repaired. Buyers typically make their offers contingent on an inspection, but sellers can conduct a pre-offer inspection to appeal to buyers. The buyer may choose to do additional inspections like radon and a sewer scope.
A background check on the property and the seller to ensure there are no outstanding debts or claims upon the property.
Advanced approval from a bank or other lending institution for a home mortgage.
Potential buyers provide an overall financial picture and mortgage brokers provide an estimate of what level of loan you will likely be pre-approved for.
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
A fee paid to the local government to officially report a sale of a home; usually paid by the buyer.