Real Estate Terms Glossary 📚🏡

Term	Definition
Appraisal	An expert evaluation of a property's value, often required by lenders.
Closing	The final step in a real estate transaction where ownership is transferred.
Contingency	Conditions that must be met for the sale to proceed, such as inspections or financing.
Down Payment	The portion of the property’s purchase price paid upfront by the buyer.
Earnest Money	A deposit made to demonstrate the buyer's commitment, held in escrow.
Escrow	A neutral third party holds funds and documents until all conditions are met.
Home Inspection	An examination of the property's condition by a professional inspector.
Homeowner’s Insurance	Insurance that protects against damage to the home and personal property.
Home Warranty	A service contract that covers the cost of repairs or replacements for home systems and appliances.
Option Money	A non-refundable payment made by the buyer to secure the right to terminate the contract during the option period.
Option Period	A specific timeframe in which the buyer can terminate the contract for any reason, typically after paying option money.
Pre-Approval	A lender's preliminary assessment of how much you can borrow, based on your financials.
Title	Legal documentation proving ownership of a property.
Underwriting	The process of evaluating a borrower's creditworthiness and ability to repay the loan.

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