The real estate game can seem a little overwhelming when you are just getting used to the industry’s lingo.Let’s explore some you’re most likely to encounter when you start shopping for a property or are about to make your first offer!
Terms Related to the Purchase ProcessOffer / Purchase Agreement
This is a document you as the buyer give to the seller, which expresses the amount you are offering to pay and the terms of your offer. The seller would sign this document and at that point, you would have a completed “purchase agreement.”
Title research is done to be sure the property is clear of any outstanding obligations and ready to be sold. A lien, for example, could be discovered during this process, and delay the finalization of the sale.