Common terms used in the process of selling a house
Listing: The process of putting a house on the market for sale.
Listing agent: The real estate agent who represents the seller in the sale of the property.
Sale price: The agreed upon price for the sale of the property.
Closing costs: Fees and expenses associated with selling a house, such as real estate commission, title search, and transfer taxes.
Commission: The fee paid to the listing agent and the buyer's agent for their services.
Closing: The final step in the home-selling process, during which the sale is completed and the title to the property is transferred to the buyer.
Escrow: The process by which a neutral third party holds onto funds and documents on behalf of the buyer and seller, until all terms of the sale have been met.
Home staging: The process of preparing a house for sale by making it look more attractive to potential buyers.
Home warranty: A contract that covers the repair or replacement of certain home systems and appliances for a specified period of time.
Equity: The portion of the property that the owner has fully paid for.
Title: Legal ownership of a property.
Title insurance: A policy that protects the buyer and the lender against loss from defects in the title.
Deed: A legal document that transfers ownership of the property from the seller to the buyerClosing Disclosure: A document that provides the buyer and the seller with a final summary of the terms, costs, and fees of the transaction and the distribution of funds.