Legal real estate deals can be hard to follow, especially if you do not have any background in the law. Knowing the process of legal real estate transactions may not make any sense to the average person, this is why Change Legal is here to help you better understand the most common real estate terms and how they are relevant with your specific real estate deal.
Comparables
Comparables can be generalized to be a property that is similar in size, condition, and other relevant features to the real estate property you may be purchasing. This gives your real estate attorney and you a better idea of the general price of a property similar to yours.
Closing
Closing is the end of a real estate transaction, particularly where the former property owners give the keys to the buyers.
Closing Cost
The closing cost is the expense the buyer is required to pay in relation to their loan for the real estate deal.
Foreclosure
Foreclosure is the process where a lender or the bank can take over the title of a property if the owner can no longer afford the expenses of the homes. This does not occur after one missed period, but is nearly impossible to stop once initiated.
Mortgage
The mortgage is a formal agreement between the lender and new home owner on the set amount of money the owner will pay over a certain period of time. For example, a homeowner may pay 2,000 dollars every month for 10 years.
To learn more about the five most common real estate terms or to get support with your real estate issue, contact Change Legal today.