Essential Real Estate Terms

Understanding real estate terminology is crucial for buyers. Here are some key terms to know:

Appraisal

An assessment of a property's value conducted by a professional appraiser.

Closing Costs

Fees associated with the purchase of a home, including title insurance and attorney fees.

Escrow

A neutral third party that holds funds and documents until the transaction is complete.

Contingency

A condition that must be met for the sale to proceed, such as a successful home inspection.