Raise your hand if you’ve been intimidated before by all the real estate lingo. (You, raising your hand.)
Raise your hand if you’ve been guilty of using said lingo in everyday language. (Me, sheepishly raising mine.)
Let’s say we clear this up with a crash course in real estate lingo specially geared towards buyers:
1. Buyer’s agent: A professional real estate agent who guides a buyer through the process of purchasing a home.
2. Deposit: Funds sent from a buyer to a seller with an offer letter to express readiness and seriousness to purchase a home. The money is typically held in a trust (see below).
3. Condition/Contingency: A condition/contingency in an offer means there’s something the buyer has to do for the process to move forward, such as getting approved for a loan or selling a property they own.
4. Trust account: Where the deposit money is kept until the purchase transaction has been finalized.
5. Closing costs: Expenses beyond the price of the home that must be paid to finalize the transaction.
If I ever use a term you’re unfamiliar with, this is your permission to stop and ask me to explain. I welcome your questions and love talking real estate, so never hesitate to ask!
Cindy Grenier 204-330-2567