Real Estate Realtor Lingo

The MLS is the Multiple Listing Service. This is where realtors go to list homes for sale, see updates on listings and more.

Pending is when a Home in Under Contract with contingencies that still need to be met. You are your realtor will discuss your contingencies. 

Contingency is when a condition such as an Inspection or appraisal, has to be met before it can be finalized or considered Homes are Under Contract. 

Escrow is your deposit that a Buyer must pay according to the contract, after Attorney Review.

Also known as Earnest Money. 

You are your Realtor will determine your escrow when drawing up your contract. 

When you do certain upgrades to your home you must apply with the township to get a Permit.

Town Inspectors will come out to make sure your project is up to code. Your realtor will pull an OPRA report to make sure all work reported has been filed with the town, inspected and approved. 

The appraisal is performed by an Appraiser, who is hired by the mortgage company (Bank). The appraiser gives you the fair market price of your home.  If you did not waive your Appraisal Contingency a buyer can renegotiate the price of the house or cancel the sale of the home. 

You do not need an appraisal if you are paying cash. Not all homes require an appraisal.

Certificate of Occupancy, otherwise referred to as the CO, differs from town to town. It is the towns inspection of the home marking it a safe environment to live in and all permits are paid and closed. You must have updated smoke detectors and fire extinguishers. Your realtor will advise.

Your certificate and licensed home inspector with review and inspect every aspect of the home. Any repairs can then be negotiated for repair with the seller. This is the buyer's responsibility to hire and pay for.  Home Inspections include structure of the home, electrical, plumbing, HVAC, roof, appliances, and more

This is your letter from the bank stating that the underwriting department has approved your loan. 

Title is a legal document that proves ownership of a property and the rights that come with it. It is important to make sure your title is clear and free of encumbrances, such as liens and unpaid taxes.  Your Realtor or Attorney will order a title search on the property you are looking to purchase once we have an executed contract. 

This is your final approval from the Mortgage company stating you can close on your new home! Please share this information with your realtor.

Home Owners Association

A governing body that set rules for a community. Usually comes with a monthly/quarterly/annual fee.