Sunday, 1 September 2019

Buyer’s agent


Buyer’s agent

The person who represents the buyer throughout the transaction.

Cash reserves These are funds the buyer receives after paying the down payment and closing costs.

Closing The closing is the last step in a real estate transaction. 

Final documents are signed, the required payments are made and the keys are transferred to the new owner. This usually takes place in the office of the buyer or seller’s agent or attorney.

 Sometimes closings take place in the office of the county clerk so the deed can be filed at the time of closing. Closing costs Closing costs are separate from any required down payment and include title insurance, excise tax and loan processing costs. 

Commission The amount the real estate agent and broker earn from the sale of the property. Comparative market analysis The comparative market analysis (CMA) is a report generated on comparable homes in the area to determine a fair market value.
 Concession A concession is a benefit or discount offered by the buyer or seller to help sell a home and close a deal. 

This term refers to conditions that have to be met in order for the purchase of property to be finalized. 

Dual agency This is when one agent represents both sides. Equity Equity refers to the value of your property that you own.
If the property is mortgaged, it’s the amount of principal paid. 
If you have a $100,000 mortgage and paid $20,000 in principal, your equity is $20,000. Escrow Escrow is an account that the lender sets up to receive monthly payments from the buyer. Often property taxes are held in escrow. Fixed-rate mortgage With a fixed-rate mortgage, the interest rate stays the same throughout the life of the loan. 

Home warranty This warranty protects from future problems such as plumbing and heating, which can be costly to repair. 

heating, electrical, foundation, and other features are up to code. Interest The cost of borrowing money for a home. Interest is combined with principal to determine monthly mortgage payments. Interest rates fluctuate with the economy.