Terminologies

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

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

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

A trust estate includes your home, money, and valuables placed in a trust. A trustee manages them for you and carries out your wishes.

An estate is everything a person owns; their home, land, money, cars, and other valuable belongings. In simple terms, it’s the total value of someone’s property and possessions.

"Under contract" indicates a home has an accepted offer but isn’t sold until all conditions are met.

A rent-to-own agreement allows you to rent a home now and buy it later, with part of your rent going toward the purchase price.

Who decides what’s allowed and what isn’t? And what exactly are you paying for?