final step of a real estate transaction when legal documents are signed, and
the property is transferred from the seller to the buyer.
costs and fees that come along with the purchase of a property.
irregularity, claim, or encumbrance which, if valid, would affect or impair the
fee that a real estate agent makes at closing, usually a percentage of the sale
term that refers to the prices of recently sold properties that are used to
determine market value of other similar properties. An agent will refer to
these “comps” when trying to figure out what their property is worth.
Market Analysis (CMA)
used to determine the value of a home based on the sale prices of similar
properties in the area.
condition that must be met in order for a real estate contract to be finalized.
This is a short-term loan that covers the cost of building a property.
written and legally binding agreement between a buyer and seller outlining the
details of a real estate transaction.
for borrowers with strong credit, this type of loan is not backed by a
government agency like the Federal Housing Administration (FHA).
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