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Terms That Every Homebuyer Should Know

When buying a home, understanding your contract is one of the most important protections you have to ensure you make an informed decision.Before buying a home, you’ll need to understand the language.<br><br><br>

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Terms That Every Homebuyer Should Know

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  1. Terms that every Homebuyer should know

  2. When buying a home, understanding your contract is one of the most important protections you have to ensure you make an informed decision. Real estate, sales contracts or purchase agreements vary from state to state and even by real estate company in some places. Variations in regulations place even greater emphasis on working with professionals with local knowledge. While the terms used may change from place to place, there are seven common terms that are particularly important for you to understand. Source-http://library.hsh.com/articles/first-time-homebuyers/7- terms-every-homebuyer-should-know.html

  3. Buyer Cost Sheet  A property purchase agreement can range from a few pages to a dozen or more, depending on your location and the complexity of the transaction. Buyers need to focus closely on the buyer cost sheet, sometimes called "cash to close." The buyer cost sheet typically generated by your mortgage lender but sometimes given to you by a Realtor should include everything you will be responsible for paying when you buy a home. Items included on a buyer cost sheet may include: • Inspection fees • Appraisal fee • Transfer fees • Down payment • Closing costs • Prepaid items(property taxes, homeowner's insurance and homeowner's association dues)

  4. Commission Authorization Realtor commissions for both the listing agent and your buyer's agent are negotiable and are generally paid from the proceeds of the sale by the seller. Source-http://library.hsh.com/articles/first-time-homebuyers/7- terms-every-homebuyer-should-know.html

  5. Contingency A contingency is a clause in a contract that expressly sets the conditions under which the contract can be voided and the deposit returned to the buyer. Contingencies are negotiable. So if you believe you need more time for an inspection or to obtain financing, you can write that into your offer. Source-http://library.hsh.com/articles/first-time-homebuyers/7- terms-every-homebuyer-should-know.html

  6. Disclosure/Disclaimer Rules vary from state to state about what homeowners need to disclose to potential buyers, but most states require sellers to complete a form that tells buyers what they know about their property. California sellers must disclose information such as whether they live: • In an area prone to fires • On an earthquake fault zone • Within hearing of an airport • In an area with a flood hazard Source-http://library.hsh.com/articles/first-time-homebuyers/7- terms-every-homebuyer-should-know.html

  7. Read about  3 more terms at www.hsh.com 

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