Redfin

AUGUST 6, 2025

In real estate, “in escrow” refers to a specific phase of the homebuying process when a neutral third party temporarily holds important funds and documents while the buyer and seller work toward finalizing the sale. The escrow account holds the deposit along with important documents like the purchase contract, loan paperwork, and the deed.

Earnest money deposit

Redfin

JUNE 11, 2025

In real estate, contingencies are conditions included in a purchase agreement that must be met for the transaction to move forward. Appraisal contingency When a buyer finances a home, lenders require an appraisal to confirm the property’s value supports the loan amount.

Purchase and sale agreement

Redfin

JUNE 5, 2025

Many cash buyers assume that by sidestepping a home loan, they also bypass the complex array of fees associated with closing. Sellers often prefer cash buyers because there’s less risk of a loan falling through, and the whole closing process can happen much faster. home purchases were made in cash in 2024.

Closing costs

Redfin

MARCH 4, 2025

15 documents to have before listing your home Collect paperwork that highlights your homes selling points for an accurate pricing strategy, additional documentation to pass on to the new owners and other real estate forms required for the sale. Particularly youll need the original purchase agreement and deed.

Purchase and sale agreement

Redfin

JULY 30, 2025

Key takeaways: A cash offer on a house means the buyer pays the full purchase price upfront without relying on mortgage financing. Even without liquid funds, buyers can explore bridge loans, private lenders, or creative financing to structure a cash-like offer. Both parties sign closing documents, finalizing the sale.

Purchase and sale agreement

Redfin

JUNE 23, 2025

You can schedule inspections, review the title, secure an appraisal, and check for any red flags that could affect your decision to buy. During the due diligence period, the buyer is allowed a set amount of time, typically outlined in the purchase agreement, to fully investigate the property before finalizing the sale.

Due diligence

Redfin

JULY 14, 2025

It’s designed to show the seller they’re serious about the purchase and typically ranges from 1% to 3% of the purchase price. If a buyer acts outside the bounds of that agreement, even unintentionally, and the deal falls through as a result, it can be considered a breach of contract.

Earnest money deposit

Redfin

AUGUST 5, 2025

Conveyance is when the property you’ve worked tirelessly to purchase becomes yours, and you’re transferred the deed and title. The transaction is completed using an instrument of conveyance, usually a legal document such as a title , deed or lease. A title company usually helps manage a conveyance.

Purchase and sale agreement

Redfin

JANUARY 28, 2025

Assumable mortgages offer a unique alternative, allowing buyers to take over the sellers existing loan – potentially locking in a lower interest rate and saving money over time. From evaluating the loan terms to understanding the hidden costs, assuming a mortgage isn’t a decision to take lightly.

Loans

Redfin

JULY 10, 2025

After offer acceptance At the start of the due diligence period Purpose Shows buyer commitment and secures the contract Compensates seller for taking property off the market Applied to purchase? Credited toward the purchase price at closing Credited toward the purchase price if sale closes Fee amount 1-3% of the purchase price Often 0.1%

Due diligence

Redfin

JULY 17, 2025

However, the IRS may scrutinize the sale, especially if it’s below market value. To avoid tax issues, document the sale properly, follow fair market pricing, and treat the process like a typical real estate transaction. This ensures the sale is priced appropriately and helps prevent tax issues related to under-market transfers.

Purchase and sale agreement

Redfin

MARCH 18, 2025

When buying a home, youll likely come across the term earnest money – a deposit that shows the seller youre serious about the purchase. This deposit is usually between 1% and 3% of the homes purchase price, but the amount can vary based on the local market and the agreement between you and the seller. Do you get it back?

Closing

Redfin

JUNE 27, 2025

These can greatly affect both the quality of your purchase and your bottom-line expense. Whether you’re purchasing your first home in Phoenix, AZ or in Trenton, NJ , here’s what you need to know before starting the homebuying process. Take note of closing costs, loan terms, and any additional fees.

Pre-approval

HomeLight

MARCH 24, 2025

Sell Your Inherited West Virginia Home Quickly For Cash Request a no-obligation cash offer from HomeLight’s Simple Sale platform and receive a purchase quote in 24 hours. This can be done through a title search , which will reveal any debts or claims against the property, including unpaid taxes. Request Offer 1.

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles What Does a Real Estate Lawyer Do? These documents include purchase agreements, deeds, titles, lease agreements, and financing contracts.

Purchase and sale agreement

Redfin

JUNE 24, 2025

And if you’ve been renting a house or living in an apartment and now buying a home for the first time, the process might feel completely unfamiliar… In this Redfin article, we’ll explain each of the key closing documents and their importance to your purchase so you can grab your keys and get home quickly.

Closing

Redfin

JULY 9, 2025

Whether you’re purchasing your first home or need a refresher, understanding each step in the home buying process timeline can help you avoid surprises and feel more confident along the way. It’s best to shop around to find the best rate and determine the best type of mortgage loan for you. Don’t just default to your current bank.

Pre-approval

Redfin

JUNE 30, 2025

That said, laws and practices vary slightly by state, so it depends on how the title company, attorney, or escrow agent handles closings. Closing agent: A title company representative, escrow officer, or closing attorney (depending on the state) oversees the process, ensures documents are signed correctly, and handles funds.

Closing

Redfin

AUGUST 6, 2025

Amongst all the excitement and anticipation that comes with buying a home, it’s important to keep a realistic timeline of just how long it takes to purchase a house. In this Redfin article, find out how long it takes to buy a house based on the three most common scenarios – a cash offer, a mortgage, and a short sale.

Pre-approval

Redfin

JULY 8, 2025

This notice informs the homeowner that they have missed a specified number of mortgage payments and are in default of their loan agreement. Address missed payments or initiate home sale Once a homeowner receives a Notice of Default, they have several options to address the situation.

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles How to Buy a House in New York Kyle Hiscock Kyle Hiscock | Greater Rochester NY Real Estate | Pittsford NY Realtor at RE/MAX Realty Group Have questions about buying or selling a home?

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles Earnest Money and House Deposits Explained Kyle Hiscock Kyle Hiscock | Greater Rochester NY Real Estate | Pittsford NY Realtor at RE/MAX Realty Group Have questions about buying or selling a home?

Earnest money deposit

Redfin

JUNE 27, 2025

These concessions are negotiated during the offer process and help make the purchase more affordable for the buyer, without reducing the home’s sale price. Yes, they are typically negotiated as part of the initial offer and finalized in the purchase agreement. Do they affect the loan or appraisal?

Seller concession

Redfin

JULY 1, 2025

A seller’s credit, also known as a seller concession, is a financial agreement where the home seller agrees to cover some of the buyer’s closing costs. This strategy can make a home purchase more affordable and appealing, especially in competitive markets like Austin or Atlanta , where buyers often face high prices and closing costs.

Purchase and sale agreement

Redfin

JULY 11, 2025

This good-faith payment, typically 1% to 3% of the purchase price, is held in escrow and applied to your down payment or closing costs if the sale goes through. That means if the sale is completed, the money is not refunded – it’s credited toward what you owe. When is earnest money refundable?

Earnest money deposit

The Close

JULY 1, 2025

A home is the largest purchase most people will ever make, and many buyers rely on mortgage financing. However, some will struggle with getting approved for a loan, which is something that could result in the transaction falling through for you as a real estate agent. That’s where FHA loans can save the day for everyone.

FHA loan

AAOA

MAY 22, 2025

Understanding What Youre Really Buying When youre buying an apartment building , youre not just purchasing property, youre acquiring a business. Understand what size loan you can qualify for. Start with a Letter of Intent (LOI) outlining your terms, then proceed to a formal Purchase and Sale Agreement (PSA) once its accepted.

Due diligence

Redfin

JUNE 17, 2025

Selling a house can be a long process, and it makes sense that the seller would want to know when the seller gets money after closing – especially if those funds are being used to purchase a new home. What needs to be done before settlement It typically takes between 30-60 days from accepting an offer on your home to closing a sale.

Closing

Redfin

JULY 21, 2025

The best and least complicated time to walk away from a home purchase is before signing the purchase agreement. Reasons for backing out of buying a house There are several legitimate reasons why a buyer might back out of a home purchase before closing. When is an ideal time to back out?

Earnest money deposit

Redfin

JULY 31, 2025

State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help. Federal loan options: Government-backed loans like FHA, VA, and USDA loans are popular among first-time buyers, offering flexible credit and down payment requirements.

Purchase and sale agreement

The Mortgage Report

JULY 22, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? A mortgage is a legal agreement between the lender and all borrowers.

FHA 203k rehab loan

Redfin

JULY 1, 2025

Whether you’re co-purchasing a townhome in Seattle, WA or a house in Boston, MA , joint mortgages allow you to split a loan with someone else to help make homeownership more affordable. There’s no legal limit to how many people can be on a mortgage, but most lenders will allow up to four borrowers on a single home loan.

Debt-to-income ratio

Redfin

AUGUST 5, 2025

Home buyers can legally purchase a home from their parents or any family member. Of course, this depends entirely on the circumstances of the sale, but you’ll likely avoid a bidding war. For the sale to work out, you may need to be ready to move in at the same time your parents are ready to move out. Can I buy my parents’ house?

Purchase and sale agreement

Redfin

JUNE 17, 2025

A gift of equity is the difference between the fair market value and the sale price. On a $400,000 sale, that could mean saving about $20,000 in closing costs. Be sure to get all agreements in writing. Checking the title to make sure there are no property liens or judgements will also provide you with extra peace of mind.

Purchase and sale agreement

Redfin

JUNE 17, 2025

A buyout is typically done through a refinance, but the remaining spouse must qualify for the loan and afford the mortgage solo. One person may stay in the home while both parties share ownership and costs, often with an agreement to sell at a later date. What role do prenups and postnups play? What if one spouse refuses to sell?

Purchase and sale agreement

Redfin

JULY 3, 2025

If you’re still legally tied to a shared mortgage or other debts, it can limit your ability to qualify for a new loan. Waiting until your divorce is finalized can help prevent legal or financial complications during your purchase, ensuring a smoother path to closing. Some allow up to 43% , depending on the loan program.

Debt-to-income ratio

Seattle Times Real Estate

MAY 11, 2025

Instead, Coleman loaned Undi-Haga the money at a much lower interest of just 3%. Before buying the home, the two signed a written agreement outlining how they would handle various issues that might arise. The development sold out quickly; the sale of the last unit is currently pending. “It’s

Equity