For Buyers

Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.

Value placed upon property for property tax purposes by the tax collector.

Expenses incidental to a sale, such as fees for the loan, appraisal, Escrow and Title.

Certain criteria that have to be met in order to finalize the sale.

The percentage of an individual's monthly gross income that goes to payments for rent, mortgage, credit cards or other debt.

A good faith deposit the buyer makes with an offer to show that they are serious about buying the property.

The buyer reviews the house just before closing to make sure everything is in the same condition it was in at the time their offer was accepted.

An inspector conducts a review of the property to find visible issues that may need to be repaired. Buyers typically make their offers contingent on an inspection, but sellers can conduct a pre-offer inspection to appeal to buyers. The buyer may choose to do additional inspections like a roof inspection or a sewer scope.

A lien search is done by the Title company. They look for outstanding debts or claims upon the property.

Approval from a bank or other lending institution for a home mortgage, done in advance of the buyer making an offer.

Lender provides an estimate of what level of loan you will likely be pre-approved for.

Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.

A fee paid through Escrow, to the local government to officially report a sale of a home; usually paid by the buyer.