General
Real estate refers to land and
any permanent structures on it, such as homes or
buildings.
Real estate includes
residential, commercial, industrial, land, and
special-purpose properties.
A real estate agent assists
clients in buying, selling, or renting properties by
guiding them through the process.
Buying
Start home-buying process by
checking your budget, getting pre approved for a
mortgage & consulting a real estate agent.
The down payment typically
ranges from 3% to 20% of the home's price, depending on
the loan type and requirements.
A home inspection is a
professional evaluation of a property's condition to
identify any issues before finalizing the purchase.
Selling
The best time to sell a home is
usually in spring or early summer when buyer demand is
strongest.
Renovating before selling can
increase your home's value, but focus on cost-effective
updates that appeal to buyers.
The listing price is set by
comparing the home to similar properties and current
market conditions.
Renting
You typically need
identification, proof of income, rental application, and
references to rent a property.
Rent typically covers the
property cost and may include utilities, maintenance, or
amenities.
A typical lease agreement
usually lasts 12 months, but can vary from
month-to-month to several years.
Legal
A title deed is an official
document proving ownership of a property.
Escrow is when a third party
holds funds or documents until a transaction is
complete.
Property taxes are fees paid to
local governments based on the value of a property.
Financial
A mortgage is a loan used to buy
a property, paid back over time with interest.
Closing costs are fees paid at
the end of a property purchase for services and taxes.
Yes, many programs offer
assistance and benefits specifically for first-time
homebuyers.