Real Estate Terms You May Need to Know
If you've ever sat down with a mortgage lender or real estate agent, there is a chance they've thrown some terms around that you may not be completely familiar with. While you don't want to sound like you don't know what you're doing, if you are a first time home buyer in Colorado Springs, we know that you are learning along the way and welcome and questions you may have. Here are a few "Greek" terms that you may hear through the real estate process, and what they mean! Appraisal This is the estimated value of the property that you've chosen. There will be an individual who will come out and appraise your property to see what it's worth. Certificate of Title This is the document that guarantees the property is legally owned by the person who claims it. Closing Costs All of the fees and expenses associated with closing on a home, usually around 6% of the cost of the home. Comparative Market Analysis (CMA) Thi is a study that your Color...