Tag Archives: Real estate terms

The Home Inspection: What Should You Expect?

The Home Inspection: What Should You Expect?

Once a buyer has made an offer on a home they want to purchase, they will typically do a home inspection to identify any potential health, safety or mechanical issues with the home before closing. If you are the seller, you might opt to do a pre-market inspection to deal with any problems before putting your home on the market.  Continue reading

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Earnest Money Deposit, or “Good Faith Deposit”

Earnest Money Deposit, or “Good Faith Deposit”

In today’s tight real estate market, if you’re looking to purchase a home, you will most likely have to make  an Earnest Money Deposit (EMD), also known as a “good faith deposit.” You are not required by law to make a good faith deposit, especially if you are using no-money down Virginia financing, but if you want to show the seller that you are really serious about buying, it’s highly recommended.  Continue reading

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Pre-Market Home Inspections Give Sellers Peace of Mind

Pre-Market Home Inspections Give Sellers Peace of Mind

If you’re thinking of putting your home on the market, you may want to consider a pre-market home inspection. Knowing what condition your home is in and having a chance to make repairs before you list it will avoid surprises down the road and make a smoother transaction once an offer has been made. Continue reading

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Customary Closing Costs for a Buyer on a Real Estate Transaction

Customary Closing Costs for a Buyer on a Real Estate Transaction

If you’ve been through the process of buying or selling a house or you’ve refinanced your current home, you’ve had to pay closing costs. In the state of Virginia, title companies are used for closings. During your transaction with them and settling on the house, you most likely got a document from them that looked like this, listing out everything that you’d be paying for at closing. Maybe you didn’t quite understand it, or maybe you’re a first-time homebuyer and need to know what all you’ll be paying for at closing. Here’s a breakdown of many of the costs for buyers. Continue reading

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What Is a Quitclaim Deed?

What Is a Quitclaim Deed?

General warranty deed, special warranty deed, quitclaim deed — just what do all these different types of deeds mean? Think of it this way. You have different deeds for different needs. When you have a professional real estate agent on your side, you never have to worry about not understanding all the terms you’ll come across during your real estate deal. A pro is there to help you navigate all the terminology you will encounter and help guide your educated decisions in the home buying or selling process. Continue reading

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What Is a Special Warranty Deed?

What Is a Special Warranty Deed?

You probably didn’t think you’d need to pull out your dictionary when you navigate buying or selling your home. But if hearing the words “special warranty deed” has you scratching your head, you’re most likely not alone. Don’t let the jargon scare you! A real estate agent can help you understand the terminology. Continue reading

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What Is a General Warranty Deed?

What Is a General Warranty Deed?

Buying a home is one of the biggest transactions most people make in their lifetime, so it’s no wonder there’s a lot of complex jargon associated with the process. One particularly important term you should be aware of is “general warranty deed.” Simply put, a general warranty deed is the best protection for a real estate buyer. Continue reading

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What Is a Selling Agent and What Can They Do for You?

What Is a Selling Agent and What Can They Do for You?

What Is a Selling Agent and What Can They Do for You?

Unless you’re in the real estate business, you may not know there are different kinds of agents out there — listing agent, selling agent, buyer’s agent, dual agent. How do you make sense of it all without taking real estate classes?

The terminology can be a bit confusing. For example, a selling agent does not represent the seller. Say, what? Continue reading

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The Difference Between a Deed and a Deed of Trust

The Difference Between a Deed and a Deed of Trust

There are so many legal terms to navigate during a real estate transaction. You might feel like you’re studying for the bar exam when you’re purchasing a home. While the help of a professional real estate agent certainly will help you in your journey, it’s good to arm yourself with information so you fully understand all the terms that are part of a real estate transaction. Here is the difference between a deed and a deed of trust. Continue reading

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What is the Congestion Relief Fee for Prince William County and how is it Calculated?

What is the Congestion Relief Fee for Prince William County and how is it Calculated?

There are typical costs that are associated with selling a home in Prince William County – everything from administrative fees and taxes to real estate commission. One closing cost item that sellers tend to have questions about is the Congestion Relief Fee (also known as the Grantor’s Tax). Sellers want to know “What is the Congestion Relief Fee?”, “How is it calculated?” and “Does it impact me?” Let’s take a look into each question. Continue reading

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