3 Important Real Estate Terms You Need to Know
Whether you're on the buying or selling side of a real estate transaction, there will be some terms that both parties need to understand to ensure a smooth closing process. eXp Realty, LLC wants to make sure you're prepared and educated on some of these important key terms so that when it comes to making decisions when closing on real estate at the Lake of the Ozarks , you're ready. Here are 3 important terms you need to know: Appraisal An appraisal is an unbiased professional opinion of a home's value. This is an important part of the real estate closing process because it helps to determine whether the contract price is appropriate given the home's condition, location and features. It's also important to ensure the lender that they're not over loaning on a property that may not be worth the value of the requested loan amount. Contingency A contingency is something that could potentially happen in the future that may affect the real estate con