Explained Series.

What is a home appraisal? A home appraisal is a process by which a licensed appraiser assesses the value of a home.  During the home...

What is the Appraisal Contingency? A home appraisal is an assessment of the home’s true value, conducted by a licensed appraiser; the appraisal contingency is...

What are (and how much) are closing costs? Closing costs are the additional expenses and fees related to buying and selling a home. These costs...

What is the Closing Disclosure? The Closing Disclosure (formerly known as the HUD-1) is a 5-page document that details the critical aspects of your mortgage...

What are Closing Documents? Closing documents are the paperwork you’ll need to complete to purchase the home after your offer has been accepted. And while...

What are Contingencies? Contingencies are conditions in the Purchase and Sale Agreement that protect the buyer’s interests. They make the completion of the sale dependent...

What is Earnest Money? Earnest Money (also known as a “Good Faith Deposit” or “Earnest Money Deposit”) is a deposit given by the buyer to...

What is Escrow? Escrow is a legal arrangement to have a licensed neutral third party hold funds or property until particular contractual conditions or obligations...

What is a Final Walkthrough? The final walkthrough is the buyer’s opportunity to verify that home is in its promised condition right before finalizing the...

What is the Financing Contingency? The financing contingency gives the buyer time to secure a loan in an agreed-upon period (generally 30 to 60 days.)...

Home Financing: What is a Home Loan? To purchase a home, buyers can either purchase the home upfront in cash, or finance the purchase with...

What Is Homeowners Insurance? Homeowners insurance is a form of property insurance that covers losses and damages to a home and the furnishings and personal...

What is the Inspection Contingency? The inspection contingency is a clause in the purchase contract that allows the buyer time (generally 7-10 days) to have...

What is the Loan Estimate? For financed buyers, the Loan Estimate is a standardized, three-page form detailing your estimated loan terms and costs. It’s designed...

What is the Purchase And Sale Agreement (PSA)? The PSA is a written agreement signed by the buyer and seller that outlines the terms of...