Escrow – the account where your money is kept. Good faith money.
“As Is” Contract – you are buying the property just as you see it with no changes or repairs to be made by the seller.
Pending – means a property is Under Contract
Closing Date – the finish line the day all the papers are signed, and the magic happens.
Listing Agent is the Realtor who represents the interests of the seller
Buying Agent is the Realtor who represents the interests of the buyer
Down Payment – varies on the lender, the type of property, and your blood type.
Closing Costs – the fees for the inspection, title insurance, appraisal, commissions, home warranty, etc.
OMG… What Does it Mean?
HUD – Housing & Urban Development – a statement for all costs involved in the transaction
EMD – Earnest Money Deposit – the initial, good-faith deposit that is part of the contractional agreement to prove to the seller that the buyer is serious.
HOA – Home Owners Association – the group of homeowners that set the standards for the community that usually involves a fee charged monthly, quarterly, or yearly.
DOM – Days on Market – how many days a property has officially been on the market