7 Real Estate Terms You Need to Know
Amortization is a system of paying off a mortgage loan that combines interest and principal – it doesn’t require you to pay off interest first.
A public tax assessor will assign a dollar value to your home – that’s called it’s assessed value.
Cash reserves refers to the money the buyer has left over after making a down payment and paying closing costs.
Closing is a meeting between a buyer, seller, real estate agents and other professionals during which the sale of a property is completed.
Closing costs are all the miscellaneous expenses and fees a buyer or seller pays when a real estate transaction closes. These can include mortgage fees, title insurance, and real estate commissions.
CMA stands for comparative market analysis, and it’s a report of similar homes in the area that recently sold or are currently on the market. Your Realtor® uses this to help you set a price to sell your home.
A contingency is a condition in a real estate agreement that has to be met for the sale to take place.
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While you’re here, you can also browse our:
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- Woody Creek real estate listings