Page 5 - Team Petruzzi Home Buying Guide 2023

Real Estate TERMS

PRE-APPROVAL TITLE SEARCH OFFER CONTINGENCY CLOSING COST

A pre-approval is the first A title search will confirm An offer is a preliminary A contingency related to a The closing cost is the

step to obtaining a mortgage that the property that is agreement to purchase a property is when the amount that is paid, in

to purchase your home. The being sold in fact belongs to home, and is set between a preliminary offer is addition to the sale price.
banker will perform an the seller. buyer and a seller. accepted, pending certain This can include: taxes,

analysis on your income, conditions set out by the insurance and lender

debt, and credit-worthiness. seller. expenses.
You will need one in order to

be ready to put an offer on a
house.

HOME INSPECTION GOOD FAITH MONEY APPRAISAL DISCLOSURES CLOSING

A home inspection is an Good faith money is the An appraisal is the value The disclosures related to The closing part of the real

official review of the real balance of funds that are set that is assigned to the real a property will include estate sale is when the
estate asset's current aside into a trust or an estate asset based on an everything that the sellers money and keys are

condition. They will help to escrow account to show the assessment of the asset, know about the property, exchanged.

determine if there is any buyer is serious about the neighborhood, market including any areas that
work needed to be done to purchase. condition, and more. need repairs.

the property to bring it to
normal working order.