First Time Home Buyers do you understand Your Real Estate Agent's language

First Time Home Buyers do you understand Your Real Estate Agent's language, as far as to the language your Agent is speaking. The language that any professional, like Contractors, Engineers, Builders, Lawyers, even some Home Inspectors. All these folks, can sound like they are speaking a foreign language at times. Real Estate terms sure can also be a bit confusing. Heres a a mini-glossary of the most common ones used, to help you out.

• CMA: Comparable Market Analysis, a home evahuation based on properties that have sold in a neighborhood, that similar to the home and property your looking at.
  
• Disclosure: This coves many Documents, its a document that a seller needs to fill out, disclosure laws vary from State to State, but most sellers are required to tell you about, known material defects, that could very will could affect the value of the home you thinking of buying. At the closing, you'll receive a packet of disclosure statements, many of them are required by law. The documents could very will include: The appraisal notice, private mortgage insurance disclosure. transfer of mortgage servicing disclosure statement, these are a few.
• Earnest Money: A good faith deposit provided as consideration when a buyer makes an offer to purchase a property contract.
  
• Purchase and Sale's Agreement: A contract from the Buyer to the Seller offering to purchase the home and property for a certain price.

First Time Home Buyers do you understand Your Real Estate Agent's language,These are just a few of Real Estate terms, you'll want to be able to understand, when talking with your Real Estate Agent. I'll be posting more on this subject, to help you.

Post 594 - 7 Oct. 2009

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