Home Buying Guide
Home buying guide that you can review at your own pace.
Home buying guide that you can review at your own pace.
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Real Estate<br />
Terms<br />
Common<br />
Pre-Approval<br />
Title<br />
Buyers need to be pre-approved for a home loan before<br />
submitting an offer. A pre-approval lets you know how much a<br />
bank will lend you, and lets the Seller know that you can afford<br />
the amount you are offering.<br />
The legal term that identifies a piece of property that the owner<br />
is in lawful possession of that property. The title insurance<br />
protects real estate owners and lenders against any property<br />
loss or damage they might experience due to liens,<br />
encumbrances, or defects.<br />
<strong>Home</strong> Warranty Buyers can pay a fee to protect the home against future issues<br />
depending on how much their package covers, like plumbing,<br />
heating, or appliances.<br />
Lien A legal claim put on a property in order to receive payment for<br />
debt. The holder of the lien can sell the property to recover the<br />
money owed after the NED is filed.<br />
Foreclosure<br />
COE<br />
Closing<br />
A legal process where the owner has not kept up with their<br />
mortgage payments and subsequently has to give up their rights<br />
to the property or sell it.<br />
A Certificate or Eligibility issued by the Veterans Administration<br />
that certifies a veteran's eligibility for a VA loan.<br />
The final time where all documents are signed and ownership is<br />
transferred.<br />
12
Change language