Real Estate is Not a Universal Language

Once you’ve made the decision to buy a home, it’s time to start thinking about what comes next.

Learn The Lingo

Every state has its own real estate laws, contracts and practices.  But in all cases, a buyer wants to buy and a seller wants to sell.  The terms are worked out between the buyer and seller.  Another common denominator is money or something of value given in exchange for ownership.    That’s why it’s helpful to not only look at houses but to get familiar with the lingo.   Try this test.   Google or search “ohio real estate purchase contract” or any other state that you are curious.

Typically, what will come up in the first group is a quick reference to the state’s real estate commission.

Next Talk To A REALTOR®

Nobody knows the real estate business like a REALTOR®, so let them help you in your search for the perfect home.  They can answer questions relating to the neighborhood, recent inspections on a particular home and any needed repairs.  Because a REALTOR® has access to a number of area homes, they have the ability to show you various choices within your preferred area and price range. Your realtor can also provide you a copy of a copy of a real estate purchase contract, but  Here are some common contract terms found in purchase contracts.

• Name of buyer and seller
• Legal description of property to be sold
• Purchase price
• Earnest money.  Earnest money is not required in every state.
• Closing Date
• Personal property to be included in the sale
• Disclosures
• Inspections
• Home Warranties
• Title insurance
• Contingencies

So, although real estate is not a universal language, it is understandable with some local help.  If you have questions or would like to start looking for your next home, you can reach me by phone at 918-625-6555 or contact me at vicky@vickyhenry.com.  I can also refer you to someone in your area to help you with all the details.