The Lingo
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
More Questions?
Call Suzy!
She will be happy to speak with you about your real estate questions!
214-856-6510
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