In order to cover all the bases and to ensure a smooth, stress-free experience where the interests of all parties are protected, all prospective buyers and sellers are advised to consult with an experienced professional on every transaction.
Even with the help of a professional, informed consumers are in the best position to protect their interests and get the most value for their investments. General knowledge of the basic elements of real estate contracts and terms is a great tool for buyers and sellers of all degrees and experience levels.
Buyers and sellers – terms you need to know
1. Amendments – Any change, addition, or correction to parts of a contract that does not alter the principal of the overall contract.
2. Appraisal – An estimate of the value of property after an inspection or evaluation.
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