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4 JUL

Top 5 Terms to Know in a Real Estate Transaction

By Jeff Lichtenstein

You’ve finally decided to buy your first home in Palm Beach Gardens — and whether you choose to buy your home in Jonathan’s Landing, Admiral’s Cove, or PGA National, you’re going to need to know these top five terms before completing your transaction. It may not make the buying and selling process easier, but it will definitely make it go quicker.

Close of Escrow: sometimes called a “closing,” this is the most common term used in real estate and it refers to the actual date that the deed of the home transfers from the buyer to the seller.

Impounds: This will come up in contracts from time to time, but the “impound” is an account that’s set up by the lender, on behalf of the borrower, that will be used to collect monies for mortgage, taxes, and insurance fees.

Deed Restrictions: This term will pop up on HOA-controlled land and land that’s otherwise used for more than one purpose. Deed restrictions are simply the restrictions that are placed on certain parts of the property — for example, a deed restriction may say that you’re not allowed to build certain artifices on the land.

Appraisal: a potential buyer will order this from a professional to determine the actual value of the property. Depending on the results of the appraisal, the house may be worth more — or less — than the advertised price.

Assumption: if you buy a property that has back taxes owed on it, you’re assuming the liability when you purchase the house.

JeffRealty is pleased to serve Palm Beach Gardens and is happy to assist you in all of your buying and selling needs. If you’re ready to get started — whether you’re buying, or selling, your home — contact us today and set up an appointment!

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