Upper Dublin, Blue Bell and Horsham Real Estate and Homes for Sale in Pennsylvania

Buyer Glossary

You’ll be surprised how this list comes in handy when dealing with REALTORS®, home inspectors and professional movers.

A REALTOR® identifies a real estate professional who is a member of the National Association of REALTORS®.

*Agent -A person licensed to represent either buyer or seller during a real estate transaction.

* ARM – (Acronym for Adjustable Rate Mortgage) A mortgage that allows a lender to periodically adjust the interest rate of the loan. Generally, the interest rate starts low and increases over time.

* Bill of Lading – A contract and receipt used by professional movers for the transportation of your belongings.

* Closing Costs – Fees that fall outside the purchase price of a property, which are usually paid by the buyer.

* Curb Appeal – The level of a house’s attractiveness when viewed from the street.

* Deed – A legal document pertaining to the transfer of a real estate title from one person to another.

* DIY – (Acronym for Do It Yourself) A project or process undertaken by a person operating independently of professional supervision or help.

* Drywall – Board made of gypsum used as the primary wall covering in most houses.

* Estimate – An agreement made between a client and professional that approximates services and costs.

* Fixed-Rate Mortgage – A mortgage that has a set interest rate for the duration of the loan.

* MLS – (Acronym for Multiple Listing Service) Describes a set of shared listing agreements between a group of real estate agents.

*Moving Inventory – A detailed list of your household goods created prior to a move.

* Note – the document that defines the terms of the mortgage

* Open House – A selling technique in which an agent invites the public to view the house without appointment.

* Packing Kit – A package composed of essentials needed to pack special items or specific rooms.

*Power Wash – The process in which a pressure washing machine provides high-pressured jets of water to clean surfaces, also referred to as pressure wash.

* Quote – An indicative price or cost.

* Radon – A colorless, tasteless and odorless gas that can linger in homes, sometimes leading to cancer.

* REALTOR® – A real estate agent certified by the National Association of REALTORS®.

* ROI – (Acronym for Return on Investment) The net profit expressed as a percentage of the total property investment.

*Settlement – The closing of escrow on the property exchanging title from the sellers to the buyers.

*Staging – Furniture and décor that is strategically placed to better define the function of rooms in a home listed to sell.

*Survey – A document that illustrates a property’s boundaries, measurements and the positioning of structures on said property.

*Title – A document that proves ownership of a property.

*Title Insurance – An insurance policy that protects owners from possible defects in a title.

* Valuation – The total worth of your shipment. The charge covers movers from greater liabilities than provided in basic transportation services.

*Walk-Through – A review performed Buyer & Buyer/Agent that details a property’s current condition is satisfactory.