Learn The Lingo! 9 Real Estate Phrases To Make Your Process Easier.

by Vivek Choudhary Nice life

The best real estate developers in Gurgaon suggest that you should learn a few basic terms pertaining to the Real Estate industry that will make your home buying process a lot easier and smoother.

It is a remarkable feat to invest in property in this country. There is a lot of tedious paperwork and documentation, and a lot of the process can leave you harrowed and exhausted. With several 2 Bedroom Flats For Sale In Gurgaon available, it has become tempting to invest in property. To ease you into the world of properties and homes, you must read these 9 phrases that will help you during negotiations.

Appraisal

Appraisal is the process of getting your home examined for costing and pricing, so that the bank knows what how much amount really needs to be sanctioned. The appraiser is responsible for determining the actual value of the home after examination.

Buyer’s Agent

Buyer’s agent is the person who represents the buyer whereas the seller’s agent is called the listing agent. These agents represent and do all the work for buyer and seller alike.

Closing

Closing refers to the meeting where negotiations are fruitful and the sale of the property is finalized. Once the deal is permanent, the buyer and seller sign the necessary documents required for a closing.

Contingencies

Contingencies are the conditions that need to be fulfilled before a deal is signed. For example, sanctioning of a loan could be a contingency for a certain seller and will not close the deal before the contingencies are met with.

Equity

Equity is the percentage of ownership you have over your own home. This percentage is determined with your mortgage values and how much debt has been paid off.

Home Warranty

The term is quite self-explanatory. Home warranty is the protection plan offered to fix things such as electric connections and plumbing in case of damage. These can be very expensive to fix and thus, home warranty is important.

Inspection

Inspection is a part of due diligence where the buyer appoints professionals to inspect the property for sale. These inspections are supposed to find any flaws in construction, plumbing, electrical maintenance, etc.

Real Estate Agent

A Real Estate Agent is someone who acts as a mediator between the buyer and seller. This agent usually helps with the documentation process and the general rigmarole of home buying process.

Principal

The amount of money borrowed to buy a home is called Principal. The Principal is often sanctioned by the bank.

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