Key Real Estate Terms

FOR NEW HOME BUYERS

SPDS (Seller Property Disclosure Statement)

Seller Property Disclosure Statement is a document, provided by the seller to the buyer, that lists all known issues about the subject property and its condition.

BINSR (Buyer Inspection Seller Response)

Buyer Inspection Seller Response is a document that allows, in an organized manner, the Buyer to request repairs and the Seller to respond within the designated inspection period.

Pre-Qualification Form

A document from a lender stating that the lender is tentatively willing to lend up to a certain loan amount. This is required to accompany an offer.

PMI (Private Mortgage Insurance)

Private Mortgage Insurance is an insurance policy to protect the lender against default by the borrower.

Title insurance

This is an insurance policy that protects the owners and lender against any disputes over the ownership of the property.

Closing Protection Letter

A contract between a title insurance underwriter and a lender. In this agreement, the underwriter agrees to indemnify the lender for actual losses caused by certain kinds of misconduct by the closing agent.

Offer

An agreement between a buyer and a seller to purchase real estate. Also known as a sales contract.

Contingency

Offer on a home has been accepted but finalized sale is contingent upon a certain criteria. Typically on an inspection, home appraisal, or mortgage approval.

Closing Costs

Fees paid at the end of a transaction either by the seller, buyer, or both. They include the taxes, insurance, and other lender expenses.

Earnest Money

Deposit made to the seller showing the buyer's good faith in a transaction. Typically held in a trust or escrow account.

Home Inspection

Examination of the property's condition. Usually performed by a qualified home inspector of your choice.

Title

A bundle of rights in a piece of property. The Title Company will provide the preliminary title report for you to review before purchasing the property.

Appraisal

Property and/or land valuation completed by an appraiser who determines the market value. This process can take 2-4 weeks.

Insurance

Choose your home owner's insurance and provide the information to your lender. Be sure to gather 3 or more quotes before choosing.

Signing

Schedule closing as soon as you receive the "okay" from your lender. This is when you will be signing for the home. This process takes about 1 hour.

Recording

The day after signing the ownership of the property will be transferred to the buyer. This is the day you will receive the keys!

Nathan Chida

HAPPY HOME BUYER

Angela was recommended by a former coworker, and I could not be more happy with how well we worked together. She was flexible with her schedule, gave advice and recommendations when needed, and helped us beat 17 other offers to become the ones the seller chose! She also worked with my loan officer to achieve a 21 day closing (not always available but it worked out for all parties in this case). I would definitely recommend Angela to any friend, family, or acquaintance after my experience.

Get in Touch

WITH THE 2 CHICKS TEAM

JULIE BRUBAKER

(623) 262 - 6501

ANGELA KNOTT

(623) 680 - 3042

Glendale, Arizona 85308