YOUR GUIDE TO BUY

what to expect when buying a home

My service To Buyers in washington

7 Steps to buying a Home

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Real Estate 101

LINGO TO KNOW


Buyer Brokerage Agreement

A contract between a buyer and a broker that outlines the terms of the broker’s services to the buyer of real estate.


Equity

The difference between the current market value of the property and the outstanding mortgage balance.


Appraisal
Home Inspection

An estimate of the value of the property performed by a licensed appraiser to determine its fair market value. Required by most lenders for security.


A detailed examination of the property by a licensed home inspector to identify any potential issues that could affect the sale or value of the property.


Contingency

A condition that must be met in order for the sale to proceed, like the buyer obtaining financing or the completion of a satisfactory inspection


The seller's obligation to disclose any known defects or issues with the property that could affect its value or safety.

Disclosure

Fees associated with the sale of the property, including title search, escrow services, transfer taxes, attorney fees, and other expenses.

Closing Costs

A proposal to buy a property, including the price and terms of the sale. Get it in writing on Washington’s Purchase & Sale Agreement.

Offer

A stage in the sale process where the seller has accepted an offer, but the sale has not yet been finalized. AKA “Pending” or “In Escrow”

Under Contract

The legal right to own and sell the property.

Title

The legal document that transfers ownership of the property from the seller to the buyer.

Deed 

A legal claim or right against a property, used as security for a debt or obligation, preventing the owner from selling or refinancing until the debt is paid (like a mortgage).

Lien

The final step in a real estate transaction where the buyer pays for the property and the seller transfers ownership.

AKA When buyers get their keys!

Closing