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.


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.


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.


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


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. 

Karin Waterschoot-Perez Headshot
Phone: 614-774-1741
Dated: May 22nd 2018
Views: 327
About Karin: Experienced Realtor, Karin Waterschoot-Perez, currently serves buyers and sellers located in and aro...

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