An Earnest Money Contract is a crucial document in the real estate acquisition process, outlining the intention of a buyer to purchase a property and of a seller to sell it. It typically includes details about the amount of earnest money paid, the conditions under which the money will be applied or forfeited, and other terms of the sale.
GI Loan, often referred to as VA Loan, is a U.S. Department of Veterans Affairs program that provides home loan benefits to eligible veterans, service members, and their families, helping them buy, build, repair, retain, or adapt a home for personal occupancy.
A Note is a financial instrument that acknowledges a debt and provides a promise to pay. It often accompanies a mortgage, pledging property as security for the debt.
A rebate is a partial refund provided to a buyer, often as an incentive or concession. In real estate, rebates can be offered for various reasons, including promotional or marketing strategies.
A rehabilitation mortgage is a unique kind of loan designed to cover both the purchase price of a property and the costs associated with its repair or improvement. The FHA’s 203(k) loan is a popular example of this type of financing.
Relocation service refers to specialized companies that arrange and manage the relocation of employees from one city to another. These companies typically take charge of selling the employee's existing home, purchasing a new home, and may include services like furniture moving.
Upgraders are homeowners who seek to purchase what they believe is a better home, often referred to as 'move-up' buyers. This usually involves acquiring a larger, more conveniently located home, or one with additional amenities. Typically, the new home costs more than the proceeds from the sale of the old home.
A warranty is a promise contained in a contract, typically in real estate, that guarantees certain conditions or performances with regards to a property, often provided by the seller or builder.
