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Good news: The buyers usually make a payment—known as earnest money —of between 1% to 5% of the purchase price of the home within three days of an offer. The buyers part with this...
4 days ago · Earnest money in real estate is like a deposit for a property. It’s different than a down payment. You may wonder, “Is earnest money refundable?” or “Who keeps earnest money if a deal falls through?” We’ll answer this and other questions about an earnest money deposit in this article. What Is an Earnest Money Deposit in Real Estate?
Nov 13, 2023 · Whether you're a veteran agent or total rookie, you need to be able to explain these real estate terms and definitions to clients.
Mar 20, 2023 · When you buy mortgage points, you pre-pay the interest rate by making an upfront payment to the lender at closing in exchange for a lower interest rate. Pre-paying interest is also known as buying down your interest rate.
Nov 9, 2022 · Down payment: The down payment is the amount of cash a buyer is paying towards the property; the rest is being financed by a mortgage. Conventional mortgages typically require a...
Apportionment - Adjustment of the income, expenses or carrying charges of real estate usually computed to the date of closing of title so that the seller pays all expenses to that date. The buyer assumes all expenses commencing the date the deed is conveyed to the buyer. Appraisal - An estimate of a property’s value by an appraiser who is usually
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Seller concessions are a strategic arrangement in a real estate transaction where the seller covers certain costs or fees associated with purchasing a home. These concessions can make home ownership more accessible for buyers by reducing upfront expenses.
