Seller's Guide

Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.

Value placed upon property for property tax purposes by the Tax Collector.

Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, title insurance and escrow fees.

The statement which lists the financial settlement between Buyer and Seller, and the costs each must pay.

Certain criteria that have to be met in order to finalize the sale.

A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.

Money given to a buyer from a seller through escrow at closing.

A neutral third party that handles the transfer of any money during

the sale of a home from initial deposit to final funding and closing.

Buyers in California usually deposit 3% of the purchase price to show

that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.

A loan on which the interest rate and monthly payment do not change.

A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one-year.

A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a new title insurance policy will be issued.

Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.

Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.

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Key Terms

Appraisal

Assessed Value

Closing Costs

Closing Statement

Contingency

Conventional Mortgage

Credit

Escrow

Earnest Money Deposit

Fixed Rate Mortgage

Home Warranty

Preliminary Title Report

Title Insurance

Recording Fees

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