Understanding Common Real Estate Terms When Purchasing a Home for Sale in Oxford MS

By Blake Cannon

Filed Under Homes For Sale In Oxford MS, Houses For Sale In Oxford MS, Oxford MS Homes, Oxford MS Real Estate

During your search for homes for sale in Oxford MS, you may come across some real estate jargon that you might not fully understand. This is where it helps to work with a knowledgeable Oxford MS real estate agent who can help you to sort through these terms and fully understand the home buying process.

Terms Used in Selling the Homes for Sale in Oxford MS

While there are many different terms that are used in the sale of homes for sale in Oxford MS, knowing the most common ones can prepare you for the buying process so that you are not left feeling confused. By learning these terms and their meanings, you can feel much more confident in your buying experience.

•Earnest Money – This is sort of a put your money where your mouth is. When making an offer, the sellers usually like to see some sort of dollar deposit that will go into an escrow account where it will sit until closing time or the contract is cancelled. IF the sell goes throw and it’s not agreed on otherwise, that earnest money will be credited back to you. There are ways to lose your earnest money, so be sure to speak to a qualified closing attorney with any questions you may have.
• Appraised Value – This term is one that is commonly used by home or condo sellers that maybe want to lean on that value to try to get that for their home. When buying from a bank, many times they will require that an appraisal be ordered on the home, to make sure that you aren’t overpaying for one of the homes for sale in Oxford MS. It basically means the dollar value that a professional appraiser has given their opinion on what they feel the home is worth.
• As-Is – When you see this term it means that the seller is selling a home exactly as it is, without any warranty or guarantees. Whether there are defects or other problems, both known and unknown, the seller is stating that they will not correct these defects in any way. Just keep in mind that everything is negotiable. That doesn’t mean that the seller will correct the issues, but it doesn’t mean you can’t ask!
• Closing – Yet another common real estate term seen while searching for homes for sale in Oxford MS, closing is the event where the final papers for the sale of the home are signed by the parties, thus finalizing the sale.
• Closing Attorney or Title Company – The title company is the organization that helps facilitate the sale of the home; specifically the transfer of ownership (title) and filing of appropriate documents to complete the sale, the escrow and final exchange of funds, and also issues title insurance (which protects the lender and owner, if applicable) from certain issues that arise over the title to the property (Speak with a qualified closing attorney to learn more about title insurance and the closing process).
• Walk Through –The walk through is the final inspection that is done by the buyer. This is normally carried out right before the buyer finalizes the purchase of the home.

Gain More Information on Terms Used in Your Quest to Find Homes for Sale in Oxford MS

By learning the information provided on these common terms and their meanings, I know that you have gained a greater grasp on the language that is used in the process of buying one of the homes for sale in Oxford MS.

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