Real estate refers to land as well as any improvements and accessories that are permanently attached to that land.

Personal property generally is anything owned that is not permanently attached to real estate and can be moved. For example - cars, furniture, clothes, dishes, tractor, pets, etc. Make sure you go over with your agent what is staying and what is going, because some conveying items are specifically listed on the Texas contract, and others can be specifically excluded!

A real estate agent is a licensed professional who must be sponsored by a broker and works with clients on behalf of the broker.

A real estate broker is a licensed professional who has additional training that is responsible for all brokerage activities and any agents sponsored by the broker.

A real estate appraisal is an opinion of value of a property by a licensed appraiser based on current market conditions.

A home inspection is an evaluation of a property's condition by a licensed inspector, usually conducted before a purchase is complete and during the buyer’s option period.

A mortgage is a loan used to purchase real estate.

A down payment is the initial amount made by the buyer to the lender when using a loan to purchase. It is typically a percentage of the total sale price that is determined by either credit worthiness, loan type, lender requirements, or choice if wanting to pay more than required.

Property title establishes who holds ownership of a property.

Title insurance is a type of insurance that protects the buyer and lender against any potential defects in the title.

A home warranty is a service contract that provides coverage for the repair or replacement of major systems and appliances in a home. This is a negotiable item and should be considered if a buyer would like that extra coverage.

A deed is a legal document that transfers ownership of real estate from one party to another.

A property lien is a legal claim on a property by a creditor, typically for unpaid debts.

A foreclosure is a legal process by which a lender can repossess a property from a borrower who has defaulted on their mortgage payments.

This is an amount of days a buyer has after paying a fee to the seller so they can have inspections done and do their due diligence. Buyer then has the choice to move forward after due diligence or terminate if needed.

A new survey is always a good idea to get on any property with the added boundary coverage. That extra coverage helps to protect buyers, should any disputes come forward in the future.

A leasehold is a type of ownership in which the buyer only owns the right to use the property for a specified period of time, typically through a lease agreement.

A freehold is a type of ownership in which the buyer owns the property outright, with no time limit or lease agreement.

That is a negotiable amount that a seller asks for from any buyer to put down as a good faith deposit while they work at getting the property purchase completed. This amount is usually held at a title company or an attorney's office until closing.

Closing is the final step between two parties and a real estate transaction. This is when all documents are signed, and funds are disbursed from either a title company’s office or an attorney’s office.

About The Author

Hi! My name is Melissa Summers, and I am the Broker & Owner of Country Roots Realty. I love helping buyers or sellers with all of their real estate needs here in the Pineywoods of East Texas.