3 Terms That Every Home Buyer Should Know About

Almost any homebuyer will tell you that knowing your contract will ensure that you are able to protect yourself adequately so that you are able to make an educated choice. Even though contracts or sales agreements might differ from state to state, there are certain terms that you must keep in mind, and will remain the same no matter where you are.

So here is a list of 3 common terms that every homebuyer must know about:

#1: Buyer Cost Sheet

Even though this sheet isn’t part of the sales agreement (or contract), there’s a reason why it is still important for every homebuyer to remember. This document contains the total amount that you will have to pay for, when it comes to the home that you’re interested in, and will be given to you by your lender or your real estate agent.

#2: Commission Authorization

Another cost that the buyer will have to incur is the commission that will be paid to the listing and the buyer’s agent. Of course, the fees are negotiable and are usually paid by the seller from the sale of the property.

#3: Disclosure/ Disclaimer

Most states require sellers to provide a sheet that will inform the buyer of any information that will affect the “value and desirability” of the property on sale. It’s a good idea to do so because as soon as a home inspection is done by a certified professional, the buyer will know if there are things that have not been disclosed.