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The Homebuyer's Vocabulary

The potential home buyer will find this Vocabulary helpful for understanding words and terms used in real estate transactions. https://goo.gl/9sVNp6

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The Homebuyer's Vocabulary

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  1. Home Buyer's Vocabulary www.hsh.com

  2. Agreement of Sale A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions, signed by both parties.

  3. Amortization A plan enabling the borrower to reduce his debt gradually through monthly principal payments.

  4. Building Line/Setback Distances from the ends and/or sides of the lot, beyond which construction may not extend. The building line may be established by an official subdivision plat, restrictive covenants in deeds or leases, building codes, or by zoning ordinances.

  5. Closing Costs The expenses which buyers and sellers normally incur to complete a transaction in the transfer of real estate ownership. These costs are in addition to the property price and are prepaid on the closing day.

  6. Learn more terms at www.hsh.com

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