Welcome back to RealtyMyths Weekly Real Estate Word Wizard! Here are some terms that you should know.
Arms-length transaction — Both parties to a transaction are acting in their own self-interest. Neither party is pressured by or acts in connection with the other to assure the fair market value of the property.
Assessment — An estimate of the home’s value for property tax purposes.
Closing costs — The expenses and fees associated with the purchase and sale of a home, such as taxes, title insurance, appraisal fees, and lender fees.
Contingency — A condition that must be met before a sale can close. Common contingencies include home inspection, financing, and home appraisal.