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First-time buyer vocabulary: cheat sheet


Last updated 2/3/2022 at 12:48pm

First-time home buyers need to know what terms mean when buying a home. Village News/Metro photo

FALLBROOK – Buying a home is an exciting milestone. The process can be overwhelming in itself, but sometimes you can get lost with the real estate terminologies. Don't get caught saying, "What does it mean?" during a home purchase transaction. Here are words homebuyers should know.

Offer: Also known as a sales contract. It is a proposal made to an owner of a property or seller by a potential buyer to purchase the property at understated terms.

Escrow: The holding of documents and money by a neutral third party before closing.

Closing costs: The miscellaneous fees at the end of the trans...

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