- AAs-is
- Offering a property in its present condition. Disclosure requirements and contract obligations still need attention.
- AAppraisal
- A professional opinion of property value. A buyer’s lender may require one.
- CClosing
- The process of completing the agreed transaction, signing documents, and addressing payment and transfer requirements.
- CClosing costs
- Charges connected with the transaction, such as title, escrow, recording, and other fees. The actual items vary.
- CContingency
- A contract condition that must be satisfied or otherwise handled under the agreement.
- EEarnest money
- A deposit associated with a purchase contract. The agreement determines how it is held and what happens if the sale does not close.
- EEquity
- Estimated property value minus outstanding debt secured by the property. It is not the same as cash proceeds from a sale.
- EEscrow
- An arrangement in which a third party holds funds or documents subject to agreed conditions; usage varies by location.
- IInspection
- An evaluation of property condition. Its scope and the contract’s inspection provisions matter.
- LListing price
- The amount at which a property is offered for sale. It does not guarantee the final sale price.
- NNet proceeds
- An estimate of what remains from sale revenue after specified payoffs, selling costs, and adjustments.
- PPayoff statement
- A lender’s statement of the amount needed to satisfy a debt as of a specified date.
- PPossession
- The point at which the buyer is entitled to take physical possession under the agreement. It may differ from closing.
- SSeller concession
- A seller contribution or credit negotiated as part of the transaction.
- SSettlement statement
- An itemized accounting of amounts paid, credited, and disbursed at closing.
- TTitle
- The legal ownership interests in a property. Title review examines claims and other issues that may affect transfer.
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