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    • Home
    • ABOUT
    • LISTINGS
    • BUYING
      • LET'S FIND YOU A HOME
      • THE BUYING PROCESS
      • HOMEBUYING CALCULATORS
    • SELLING
      • LET'S SELL YOUR HOME
      • THE SELLING PROCESS
      • FREE MARKET EVALUATION
      • SELLERS HOME PREP GUIDE
    • CONTACT
    • REAL ESTATE TERMINOLOGIES
  • Home
  • ABOUT
  • LISTINGS
  • BUYING
    • LET'S FIND YOU A HOME
    • THE BUYING PROCESS
    • HOMEBUYING CALCULATORS
  • SELLING
    • LET'S SELL YOUR HOME
    • THE SELLING PROCESS
    • FREE MARKET EVALUATION
    • SELLERS HOME PREP GUIDE
  • CONTACT
  • REAL ESTATE TERMINOLOGIES

REAL ESTATE BASIC TERMINOLOGIES

CONDITIONS 

These might include home inspection, mortgage financing or subject to the sale of the purchaser's property.


CLOSING OR POSSESSION DATE

Possession date is the day the new owners move in. Closing  date is the day the title is legally transferred, which is  anywhere from 1-6 weeks after possession.


CLOSING COSTS

If buying, a rule of thumb is to estimate 2% of the purchase price to cover closing costs. This is allowed to land transfer tax,  lawyer fees, disbursements, etc. This is a high estimate  and the remainder is returned to you when the land title  transfers 


If selling, this would include the mortgage closing fees, lawyer fees, disbursements.


DEPOSIT 

If buying, the deposit is given with your offer and is only cashed  upon acceptance. It is paid to the listing brokerage and will be cashed within 24 hours or the  next business day. Your deposit is protected by your conditions and if your offer doesn’t go through, you will be refunded the full  amount within 10 business days. Once you finalize your offer and remove all conditions,  the deposit is non-refundable and is part of your down  payment (not extra). It is held in trust at the listing  realtors brokerage until possession.  


If selling, the deposit shows the buyers good faith and will be applied against the purchase price of the home when the sale  closes. 


DOWN PAYMENT 

A minimum of 5% down is required to purchase a  home. Talking with your mortgage specialist about your  specific requirements is recommended. 


INCLUSIONS & EXCLUSIONS 

These might include appliances & certain fixtures or decorative items such as window coverings or mirrors. 


PRICE 

Depending on the market, the price offered might differ from the asking price. 


TERMS 

Includes the total price the buyer is offering as well as  financing details. 


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