One of the most complicated parts of buying or selling a home is understanding what your Realtor® or mortgage lender is saying because there is a new “language” to learn that’s part of buying a house.
In today’s article we will break down some of the most common Real Estate terms so you will know exactly what they mean when you encounter them.
A home appraisal is a written analysis of a home’s value and it’s done by a certified home appraiser. During an appraisal the home appraiser will write their appraisal based on the fair market value of the home including any repairs, renovations or improvements that the owner has made to the property.
The appraised value of a home refers to a homes appraised value and some of the key things which factor into a homes appraised value include: fair market value of the home, amenities, location, and home improvements.
The amortization schedule is a table which shows the amount of the principal and interest, or blended loan payments that a homebuyer has to pay during the lifetime of their mortgage loan.
A deed is the title of the property and it will contain the names of the old owners including a legal description of property. Real Estate cannot be transferred without the deed being signed by the old and new owners of the property.
One of the most important things to do before submitting an offer on a property is to have the title researched because many times if the owner of the property owes money to one or parties they will put a lien or a legal claim against the property that must be completely paid off before the property is allowed to be sold.
To learn more about these common Real Estate terms contact Fred Sed Realty today by calling us at (800) 322-4643.