Author: Aaron Jones

The 3-3-3 rule means having three months of emergency savings, saving an additional three months' worth of mortgage payments, and getting three property evaluations before buying a home.

A bill of sale is a legal document that records the transfer of ownership of personal property from the seller to the buyer.

Closing documents are the final legal papers signed during a real estate closing to complete the home sale and transfer ownership.

Buyers usually pay about 2% to 6% of the loan amount in closing costs, depending on the lender, loan type, and location.

A closing disclosure is a final loan document that shows your mortgage terms, monthly payments, closing costs, and total loan fees.

An appraisal is a professional opinion of how much a home is worth. In real estate, it is used to estimate the fair market value of a property based on its condition, size, location, and recent sales of similar homes in the area.

A counteroffer is a response to an initial offer in a real estate transaction. Instead of accepting the original terms, the buyer or seller suggests changes to the deal. This could be about the price, closing date, contingencies, or other conditions.

A home appraisal usually takes 1 to 2 weeks on average. From ordering to receiving the final report.

When buying a house, the buyer usually pays for the appraisal in most situations. This is one of the common upfront costs that comes with getting a mortgage.

A contract amendment is a formal change to an existing agreement. Instead of starting a new contract from scratch, a contract amendment allows both parties to update certain terms while keeping the original agreement intact.

A purchase agreement is a legally binding contract between a buyer and a seller when they agree to complete a real estate sale.

The price you see on a home listing is not always the exact value of the property. It is the seller’s asking price, which means it is simply the amount they hope a buyer will pay. The actual value of the home can sometimes turn out to be different.