10 More Real Estate Terms You Should Know!

Are you looking for a home and feeling overwhelmed by the jargon in the real estate world? Don’t worry; I’ve got you covered! Here are 10 more key terms will empower you to make more informed decisions and navigate the home-buying process with greater confidence. If you missed my first article 10 Essential Real Estate Terms Home Buyers Should Know! Click Here to Check it out.

• HOA (Homeowners Association): An organization responsible for managing and maintaining common areas and amenities in a residential community, often funded by fees paid by homeowners.

• Comparative Market Analysis (CMA): An evaluation of a property’s value based on recent sales of similar properties in the same area usually performed by a REALTOR.

• Home Inspection: A thorough examination of a property’s condition, performed by a licensed inspector, to identify any problems or needed repairs.

• Closing Disclosure: A document provided to the buyer and seller that outlines all the costs and fees associated with the real estate transaction.

• Pre-Approval: A preliminary assessment of a buyer’s creditworthiness and ability to secure a mortgage loan. Usually performed by a loan officer at a bank or lending institution.

• Bridge Loan: A short-term loan that allows a homeowner to purchase a new home before selling their current one.

• Lien: A legal claim against a property as security for a debt, such as a mortgage or unpaid taxes.

• Easement: A legal right that allows someone other than the property owner to use a portion of the property for a specific purpose, such as a utility company’s right to access power lines on your land.

• Encumbrance: Any claim, lien, easement, or restriction on a property that may affect its use or value, such as easements or deed restrictions.

• Seller Financing: A financing arrangement where the seller acts as the lender, allowing the buyer to make payments directly to the seller instead of obtaining a traditional mortgage.

As a first-time home buyer, being familiar with these terms will empower you throughout your home-buying journey. Remember, your real estate agent is here to guide you every step of the way. If you are still in search of a Real Estate Agent to guide you feel free to give me a ring at 201-218-9666. Happy house hunting!

#RealEstate #FirstTimeHomeBuyer #HomeBuyingTips #RealEstateJargon #HouseHunting