Ultimate vocabulary cost
If the sale does not go through, the money is forfeited, unless otherwise stated in the contract.Įarnest Money is deposited in good faith, meaning that the seller is assured of future payments.ġ3. The earnest money funds are held in escrow and applied to the down payment at the time of closing. Earnest Money – A deposit the buyer gives to the seller to show good faith in purchasing the property. Escrow – An account where funds are held until the occurrence of a specific event, usually the closing.ġ2. The down payment amount is recorded in the agreement of sale.ġ1. Down Payment – The amount of money paid by the buyer towards the purchase of property. Documentary Stamps – A state tax required on deeds and mortgages when the title changes ownership.ġ0. To be legally binding, the deed must be recorded with the local government where it becomes public record.ĩ. Deed – A legal document that transfers ownership of the property from the seller to the buyer. Typical commission rates are between 5-10%.Ĩ. Commission – The money paid by the seller to a real estate agent to find a buyer and complete the sale of property. The terms and conditions are set in the contract and include items such as the purchase price, the address of the property, financing contingencies, etc.Īgreement of Sale occurs when both the buyer and seller settle on terms and conditions.ħ. Agreement of Sale – A contract between the buyer and seller.
Certificate of Title – A certificate issued by a title company or an attorney, indicating that the title of the property is insurable.Ħ. A clean title means there are no other claims by third parties to the property.ĥ. The title also shows what mortgages or liens exist on the property. Title – A report showing the activity of ownership for the property. Benefits of this type of loan include lower down payment requirements and easier credit qualificationsĤ. FHA Loan – A loan insured by the Federal Housing Administration. The loan is subject to the conditions set by the lender and State statutes.ģ. Conventional Mortgage – A mortgage that is not insured by the Federal Government. The appraisal is required by the lender if you are financing the purchase of your home.Ģ.
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Appraisal – The estimated value of a property which is determined by an impartial professional appraiser. For those of you with clients who are tackling their very first home purchase, here’s our ultimate vocabulary sheet to help familiarize them with the terms they’ll most likely hear during the buying process.ġ. This is includes using spoken rather than written language, and natural conversational language rather than an academic language.įinally, I would also add, it is worth spending time learning phrasal verbs, as these are extremely common in spoken English and will help you sound much more natural.While the prospect of buying a new home can be exciting for first-time buyers, it can also be a daunting experience filled with confusion and questions on the homeowner process. These are ones you don’t usually discuss everyday, and may include, Climate Change, economics, globalisation, law and similar topics or even more specialised topics such as photography, fishing, calligraphy, leadership…
These are ones you might talk about everyday, and may include, family, home, hobbies, work, everyday life, shopping… economic (adj.), economy (n.), economise (v.)…)
word families (words with the same root – e.g.antonyms (words with the opposite meaning – e.g.synonyms (words with similar meanings – e.g.These are expressions where the meaning of the expression is different from the meaning of the individual words.Ī wide range of vocabulary, enough to discuss a variety of topics, this will include These are words that commonly go together We can find out which ones are important very quickly by looking again at the IELTS Speaking Band Descriptors Different kinds of vocabulary are important for IELTS Speaking.