Real estate terminology can sound complicated, confusing, and even seem like its own language. If you're buying your first home, there are five words you should know to help you better understand the process.
When you want to buy a property, your real estate agent will make an Offer to Purchase, which is also called the Contract of Purchase and Sale. Once the buyer and seller accept the offer, it becomes the contract between both parties.
When the sale of a home is contingent, that means the seller has accepted an offer from the buyer and the home is under contract. The sale is subject to certain criteria being met by the buyer and/or seller before the deal is closed. Common contingencies are the buyer's financing, appraisal, title search, home inspections, and more.
An appraisal is an estimation of a home's market value based on comparable recent sales of homes in the neighborhood. Appraisals are done by licensed appraisers and are ordered to protect a the home buyer's lender to ensure the value of the home is equal to or greater than the loan amount.
A home inspection is an examination of a property's condition and is usually performed by a home inspector in connection with the property's sale. A home inspector is usually hired by a home buyer to provide a written report of any issues that may affect the value of the property.
Closing costs are fees over and above the price of the property. Common closing costs are excise tax, loan-processing costs, title searches, appraisal fees, and title insurance. The closing costs usually add up to 2-5% of the purchase price of the home and may be paid by the buyer or seller.
If you have questions related to the sale or purchase of a property, feel free to get in touch with one of our licensed real estate agents!
The latest Pittsburgh real estate news, including where a UPMC hospital may be built, which office location Westinghouse has negotiated to cut, which tire store is planning to open in Pittsburgh, and much more.
Developers Adding More Condos--and Two More Floors--at Former Saks Fifth Avenue Downtown
Bullish about the potential demand, the firms behind the redevelopment of the former Saks Fifth Avenue store Downtown are adding to the number of condominiums to be built at the site.
South Fayette Approves Conditional Use Application for UPMC Hospital in Newbury Market
"South Fayette commissioners voted unanimously Wednesday to approve a conditional use application for UPMC to build a $211.2 million, 90-bed hospital in the Newbury Market complex on Presto Sygan Road."
Westinghouse Cuts Office Space in North Hills
"Westinghouse Electric Co. has negotiated to cut its office space at Keystone Summit Park by more than 75 percent as the Cranberry-based bankrupt nuclear firm reorganizes to survive."
With Civil War-Era Cannonballs Safely Gone, Apartment Complex Now Open
"A new apartment community in Lawrenceville where 700 Civil War-era cannonballs were removed earlier this year is now open to residents."
Affordable Housing Eyed as Part of East End Site Redevelopment
"With affordable housing becoming a hot issue in the East End and elsewhere in Pittsburgh, some local advocates see an opportunity to address it in the proposed redevelopment of Lexington Technology Park in North Point Breeze."
Franklin Regional Board Updated on Proposed New School, Sloan Elementary Upgrade
"Franklin Regional school board heard an update this week on the district’s proposed plan to renovate Sloan Elementary School and build a new elementary school building."
Discount Tire Plans to Open Stores in Pittsburgh
"Discount Tire has its sights set on Pittsburgh."
Forced Out by a High-Rise Fire, Former Downtown Residents Adjust to Life in a Suburban Hotel
"Three months after a fatal fire in the Downtown high rise Midtown Towers, about 50 former residents now live a world away from their former home."
The natural gas industry is a hot button issue lately, with new jobs being created, gas production growing in the United States, and a big Ethane Cracker Plant coming to Beaver County. We're sharing four important articles about the natural gas industry that have been published recently.
New Study Projects 2 Million More Natural Gas Related Jobs by 2040
"A new study released Tuesday by the American Petroleum Institute predicted two million new jobs coming from the natural gas industry by 2040."
Study: Nation's Gas Production Growth Tied to Marcellus
"The United States will account for 40 percent of the world’s new natural gas production by 2022, according to a new International Energy Agency study, and the Marcellus Shale is playing a big role in that growth."
Cement Plants to Feed Cracker Sit Set Up
"Two concrete plants, set up to supply Royal Dutch Shell's under-construction cracker plant in Beaver County, are now running in Midland, according to a report from the Beaver County Times."
Beaver County Ethane Cracker Hailed Among Infrastructure Projects
"Shell Chemical Appalachia's $6 billion petrochemical plant being built in Beaver County was touted Tuesday afternoon by national energy and union leaders talking up the importance of pipeline construction to jobs and economic development."