Expenses incurred in transferring ownership from buyer to seller in a real estate transaction

a legal write off that reduces tax liabilty

loan to purchase real estate

the process of determining how much money you are qualified to borrow

legally established ownership to property

written report that details the existing conditions of the house and property

legal document that transfers title of real property from one party to another

fund where money is held by your financial institution to pay amounts that will come due during the year

policy that protects the buyer from any claims arising from a defective title

difference between the market value of property and the amount owed on it

conditions that limit a buyers liability in case one or more of them are not met

Sellers Acceptance:

A formal agreement to the terms of the buyers offer, forming a contract between the the parties

Sellers Counteroffer:

a rejection of the original offer with a listing of what terms would be acceptable

offer to buy a property accompanied by a deposit

Escrow Closer:

independent person who gathers and verifies information, prepares the closing statement, and makes sure that little passes to the buyer of property

rules designed to maintain property values and protect the interests of all property owners

Assessed Value:

home value set annually by the city or county in which you live for purposes of computing property taxes owed against your home

the amount charged by a bank or other lender to process the loan papers

Appraised Value:

Home value determined by examining the structure, size, features, and quality as compared to similar homes in the same geographic area