A binder is an initial agreement, often coupled with a deposit, that indicates the purchaser's good faith in buying a piece of real estate. It is typically used to show the intent to buy and precedes a formal contract of sale.
An occupancy agreement, limited, allows a prospective buyer to obtain possession of a property under a temporary arrangement, typically before the official closing of the sale.
A Residential Service Contract, also known as a home warranty, is an insurance contract generally lasting for one year, covering the plumbing, mechanical, and electrical systems of a home. This contract can be purchased by either the buyer or the seller and provides peace of mind to homeowners against unexpected repair costs.
A starter home is typically a modest-sized house designed for first-time homebuyers. These homes serve as entry points into the housing market, often featuring less than 1,500 square feet and existing within an affordable price range.
A walk-through inspection is a detailed examination that a buyer or tenant conducts before finalizing the purchase or lease of a property. Its primary purpose is to ensure that the property is in the agreed-upon condition and that any necessary repairs have been completed.
