What to Know

  • This is a valuation of your property ordered by the buyer's mortgage company and conducted by a state-licensed appraiser.

  • The expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction.

  • A signed legal document that transfers ownership to a new owner.

  • This is a preliminary evaluation of a borrower's credit worthiness that generally includes income and asset verification by a mortgage lender.

  • Provides details about a property's condition, ages on systems and improvements done on the property.

  • This is the examination of public records to determine and confirm a property's legal ownership and open mortgages.

There are a lot of terms thrown around during the homebuying process. To help you understand them better, see some of the most common ones used in real estate: