GLOSSARY OF TERMS
Common terms that will come up throughout your buying process...
APPRAISAL: An independent expert contracted by your creditor to give an estimate of the value of your home. Do not confuse this with a home inspection.
CONSUMMATION: The final step in property purchase where the title is transferred from the seller to the buyer
CONTINGENCY: A contingency clause gives parties the right to back out of the contract under certain circumstances (i.e. home sale contingency, home inspection, property owners, or condo contingency, etc.
EARNEST MONEY DEPOSIT: Money put down by a potential buyer to show that they are serious about purchasing the home. It can become part of the down payment when the offer is accepted.