Home Buying Coarse
➜ Don’t skip the video above. This video explains common terms you’ll hear throughout the buying process. Use the glossary below as a quick reference.
Bonus Module
Buyer Glossary
Real estate terms explained in plain English.
Overview
Real estate comes with a lot of terminology that can feel confusing or overwhelming. This glossary breaks down common terms you’ll hear during your transaction so you can follow the process with confidence.
Key Terms Simplified
- Underwriting: The lender’s final risk review to determine whether your loan meets all guidelines for approval.
- Clear to Close: The lender’s green light indicating your loan is approved and closing documents can be prepared.
- Title: Legal ownership of the property. The attorney ensures the title is clear of issues and insurable.
- Contingency: A contract condition that must be met for the sale to move forward (such as inspection, appraisal, or financing).
- Closing Disclosure (CD): The final breakdown of all loan terms, fees, credits, and cash due at closing.
Important Note: Definitions and procedures may vary slightly by state, lender, and contract. This glossary is intended for general education only. Always rely on your signed documents and professional guidance for exact meanings.
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IN THIS LESSON
Overview
Key Terms Simplified
Underwriting: Final risk review by lender to approve your loan.
Clear to Close: Lender’s green light to prepare documents for closing.
Title: Legal ownership of the property. Attorney ensures it’s clear and insurable.
Contingency: Contract condition that must be met (inspection, appraisal, financing).
Closing Disclosure (CD): Final breakdown of all costs, fees, and credits due at closing.
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