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1st Time Home Buyer: Vocab Cheat Sheet

1st time home buyer

 

Offer: An Agreement between a buyer and a seller to purchase real estate. Also known as a sales contract.

Home Inspection: Examination of the property’s condition. Usually preformed by qualified home inspector of your choice.

Title: A bundle of rights in a piece of property. The Title Company will provide you with the preliminary title report for you and your lawyer to review before accepting the property.

Appraisal: Property and/or land valuation completed by an appraiser who determines the market value.

Insurance: Choose your homeowner’s insurance and provide the information to your lender. Be sure to gather 3 or more quotes before choosing.

 

1st time home buyer