TALK THE TALK – Home Buying Lingo

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Unfamiliar terminology may seem quite daunting for many people purchasing a home especially if it is the first time. We have assembled a short list of some common words and definitions to help you get started.

Buyers Agent- The agent hired to represent the buyer as an advocate and advisor during the entire home buying process.

Listing Agent-The agent who represents the person selling the home. This person lists the home on the MLS and negotiates for the best possible price.

MLS- Multiple Listing Service. A computer based service which contains most of the homes listed for sale.

Appraisal- An estimate of the value of your home based on comparable homes sold in that area.

Curb Appeal- How attractive the home looks from the street.

Offer to Purchase- A written contract setting out the terms under which the buyer agrees to buy the home.

Conditional Offer- An offer to buy a home that is contingent on specified conditions put in writing such as a home inspection or financing.

Closing date- The date when the sale of the home becomes final and the new owner takes possession.

CMHC- The Canadian Housing & Mortgage Corporation provides insurance for Canadian homebuyers. Also a great resource for home buying information.

Pre-approval letter- An estimate provided by the bank letting you know how much they will lend you to purchase your home. This will help you determine what you can afford, and ensures home sellers that you will be able to get a loan when needed.

Mortgage- A loan from a lender such as a bank used to purchase a home.

If you need to know something you don’t see here, just ask The Steve Pacheco REAL ESTATE team @ Direct: (905) 616-2935  •  Office: (905) 845-9180

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