special words or expressions that are used by a particular profession or group and are difficult for others to understand.“legal jargon”
a form of language regarded as barbarous, debased, or hybrid.
Every industry has their own jargon. Whether you are buying or selling a home, here are some important real estate terms that you should know.
Pre-approval – a letter from your mortgage lender stating that your credit has been checked and they are willing to write you a loan.
Earnest Money – a check written by the buyer, held by the sellers broker. Also called good faith money, earnest money lets the seller know the buyer is serious.
Appraisal – done by the bank/mortgage company. An appraisal lets the bank know what the home is worth.
Title Company – A title company is a third party entity that makes sure the home is free and clear of any liens and is able to be sold.
For more real estate terminology, click here!
Is there another term you’re unfamiliar with? Shoot us an email at lflynn(at)c21scheetz(dot)com and we’ll help you figure it out!