A Buyer's Agency Agreement is a contract that establishes the relationship between a potential buyer and a Buyer's Broker, where the broker represents the buyer's interests in real estate transactions.
A cash purchase in real estate refers to acquiring property without the use of financing or loans, where the buyer pays the full purchase price in cash.
A computer-based network of lenders that allows affiliated real estate brokers, builders, or advisors to originate loans at the site of the home. Provides a streamlined process whereby a person can buy a home and apply for a loan at the same place and time.
A home inspector is a professional who evaluates the structural, mechanical, and various other conditions of a home prior to its sale, ensuring both the buyer and seller are aware of the home's condition.
The Housing Affordability Index is a statistical indicator that measures the ability of households in a specific area to purchase housing at prevailing prices using currently available financing. It typically compares the median household income to the required monthly payment for a median-priced home in the same area.
A loan lock, or locked-in interest rate, is an agreement between a mortgage lender and a borrower that secures a specified interest rate on a mortgage for a predetermined period, usually ranging from 30 to 60 days.
A move-up home refers to a property that is larger, more expensive, or better equipped than a starter home, often acquired by individuals or families who have increasing financial stability and changing needs.
Private Mortgage Insurance (PMI) is a type of insurance specifically designed to protect lenders in case a borrower defaults on a mortgage. It is often required for homebuyers who seek a conventional loan with a down payment of less than 20%.
A qualified buyer is an individual or entity that has been assessed and deemed financially capable of purchasing a property within a specific price range. This term is crucial in real estate transactions as it helps differentiate between prospective buyers who have the financial means to complete a purchase and those who do not.
Redfin is a popular real estate brokerage and listings service that provides detailed information on residential properties for sale, including photos, pricing, and factual details. It also connects users with brokers who are Redfin agents.
A settlement statement is a critical document in a real estate transaction that itemizes all the financial details and allocations for both buying and selling parties. It ensures transparency, allows for error checking, and provides documentation of the financial exchanges in the sale.
A silent second mortgage is a secondary loan placed on an asset without the knowledge of the primary lender. This practice is common in charitable organizations for down payment assistance or fraudulently to procure higher loan values.
A termite inspection is an examination of a structure by qualified personnel to determine the presence of termite infestation. This is often a requirement stipulated in a real estate sales contract to protect the buyer from purchasing a property with termite-related damages.
Upfront charges refer to various fees and costs that a homeowner must pay at the closing of a real estate transaction. These include points, recording fees, mortgage title policy, appraisal fees, and credit report fees.
Zillow is a comprehensive real estate service that aggregates listing data on houses for sale from various local MLS (Multiple Listing Service) sources. It features these homes on its website, provides property valuations, and recommends real estate salespersons to help potential buyers tour and purchase homes. The platform also includes myriad tools such as rental listings, mortgage calculators, and market insights.
