: The portion of the home's value that you actually own, calculated as the market value minus your remaining mortgage balance.
: The primary contract between a buyer and seller that outlines the price, terms, and conditions of the sale.
: A neutral third party that holds funds and documents until all conditions of the sale are met. house buying terms
: The legal concept of ownership. The Title Deed is the physical (or digital) paper that serves as evidence of that ownership.
: A framework suggesting you have three months of living expenses saved, three months of mortgage payments in reserve, and have compared at least three properties. : The portion of the home's value that
: Most lenders prefer your annual income to be between $100,000 and $125,000 to approve a $400,000 mortgage. Essential real estate terms you should know | Opendoor
When people refer to the "papers" for a house, they usually mean the documents that prove you own it or the legal contract used to buy it. : The legal concept of ownership
: In some regions, this document confirms a newly built property is fit for habitation. 2. Key Financial & Transaction Terms