Skip to Content
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