Are you interesting in buying a new home? Then it’s important to be familiar with common West Palm Beach FL real estate terms. Keep reading for all of the vocab you need to know before you officially purchase a home!
10 Helpful West Palm Beach FL Real Estate Terms
- Appraisal: The estimated value of a property.
- Building Codes: Rules established by a local or state jurisdiction that cover how a house can be built or modified.
- Certificate of Title: Document that ensures the property is legally owned by the person who claims it.
- Closing Costs: All fees and expenses associated with closing a home, which is usually 6% of the total cost of the home.
- Comparative Market Analysis (CMA): A study of how comparable local homes have sold to help determine a reasonable price for the property.
- Contingencies: Conditions that must be met in order for the offer on a home to proceed.
- Debt to Income Ratio: In order to qualify for a loan, your monthly debt cannot exceed 43% of your monthly income.
- Earnest Money Deposit: A payment made to the seller with the offer to show serious intention.
- Escrow: An account where are closing costs are collected while the lender approves the deal.
- Mortgage: In simplest terms, the home loan.
Now that you know the lingo, it’s time to finally find your dream home! Make sure you have the best West Palm Beach FL real estate agents by your side throughout the entire process by contacting Logan Realty, Inc. today!
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