Home Buying Vocabulary You Didn't Know You Needed To Learn

The world of buying and selling homes comes with it’s own nuances, and more specifically, it’s own set of vocabulary and terminology. We’ve broken down the information to give you the must-know terminology to help you along your real estate journey!

Real estate terminology vocabulary

1. Offers

The agreement between a buyer and seller to purchase real estate. Also known as a sales contact!

Real estate terminology vocabulary

2. Closing Costs

The fees paid at the end of the transaction by the seller, buyer, or both. These fees include taxes, insurance, and other lender expenses.

Real estate terminology vocabulary

3. Escrow

Escrow refers to a third party hired to handle the property transaction, exchange of money and any related documents, and comes into play once both parties have reached a mutual agreement or offer. An escrow officer handles everything from the transfer of loan documents and property taxes, to the completion of all legal aspects of escrow.

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4. Appraisal

When the property or land valuation is completed by an appraiser, the market value of the property/land is determined. This process can take 2-4+ weeks.

Real estate terminology vocabulary
Real estate terminology vocabulary


5. Contingent

An offer is contingent when the offer has been accepted, but the finalized sale is contingent upon the completion or meeting of certain criteria. Typically appraisals, inspections, and mortgage approvals are still in process when an offer is contingent.

6. Title

A title is a collection of rights for a piece of property. A title company will provide you with a report to review before accepting / buying a property. Titles ensure that all existing liens, loans, child support, and judgments are disclosed—and dealt with—prior to the close of escrow.


Venture Philly Group

Buy. Sell. Invest.

info@venturephilly.com

o. 215.592.9522

1619 Walnut Street, Suite 500, Philadelphia, PA

venturephilly.com


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