Home Buying Lingo For Beginners

Home Buying Lingo For Beginners

Buying a home means a new world filled with unfamiliar terms. 

Here's a short list to help you increase your real estate vocabulary.


Appraisal: 

Estimated value of the property, conducted by a licensed real estate appraiser. Bank orders the appraisal for the buyer. 

Comparative Market Analysis: 

A comparison of homes to determine a reasonable asking price for a property.

HOA: 

A homeowners association is a organization that some community create to determine the rules and regulations of a community/subdivision. 

Due diligence: 

Actions, such as a title search that the title company does for the buyer to protect their real estate investment.

Earnest money: 

A deposit collected once in contact to demonstrate the buyer's good faith and is applied towards the down payment or closing cost at closing.

Title: 

The peace of paper that proofs ownership rights and possession of a property. 

Contingencies: 

Are action items that need to be completed to make the contract binding.

Escrow account: 

Buyers earnest money is held in a third-party, like bank account or title company until closing. Buyers also have an escrow account for their taxes and insurance, through their lender. 




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Phone: 614-774-1741
Dated: May 22nd 2018
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