๐ Thinking about diving into the real estate world or just curious about the lingo you might encounter? Here are a few common terms to get you started:
1. Appraisal: This is basically an expert's estimate of a property's market value. If you're buying a house, the lender often requires an appraisal to ensure the property is worth the amount of the loan.
2. Closing Costs: These are all the fees and expenses you need to pay when finalizing a real estate transaction. Think of things like title insurance, attorney fees, and taxes. They can add up, so it's good to be prepared!
3. Escrow: This is a neutral third party that holds onto the funds and documents until everything is squared away in the deal. It's like a secure middleman making sure everyone plays fair.
There are so many more terms, but those are a few to get you started. Happy house hunting! ๐กโจ
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