Agent - License holder authorized to represent people in real estate transactions.
Broker - License holder authorized to own a real estate office and sponsor sales agents.
Closing - Contracts are executed, funds delivered and keys presented to the new owner.
Disclosures - Regulated by the government and ethics rules.
Earnest Money - Money delivered by buyer to neutral 3rd party (usually the title company). Must be deposited within 3 days of contract signing. A good faith deposit used to cover costs of buying real estate.
Escrow- a savings account of sorts held at title and mortgage companies used to pay costs of closing, taxes, insurance etc.
Option Money - Money paid to the seller to give potential buyer a period of time to evaluate conditions of the sale. Non refundable.
Option Period - A period of time when “time is of the essence“ for a potential buyer to get inspections, appraisal and/or survey performed at their expense. The buyer can withdraw from the sale during this period and recover earnest money. After this period, the contract is binding.
HOA, MIP, MUD, PID - Other potential costs of property ownership. Varies by neighborhoods
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Selling and buying real estate in this hot DFW real estate market can be an exciting and rewarding endeavor! Let us help you navigate through to closing with wisdom and boldness that will help you get where you want to be.
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