Real Estate Lingo

Some Common Terms

  • 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