Appreciation: The increase in the value of a property over time.

Closing / Settlement: The point at which the property is conveyed to a buyer. At this time the buyer would pay whatever funds are necessary to complete the transaction and a seller would receive his / her proceeds from the sale of the property.

Contingency: A condition that must be met before a contract is binding such as inspections, appraisals, etc.

Counteroffer: The seller's response to a buyer's offer to purchase that includes changes to the buyer's original proposal. A counteroffer made by a seller may include changes to the prospective purchaser's offering price, terms or both.

Deed: The instrument that upon execution transfers title from the seller to the buyer.

Equity: The difference between what is owed on a property and the market value of the property.

Home Warranty: An insurance policy that a seller may elect to purchase and provide to a buyer that covers many unexpected repairs that may arise after closing. A home warranty may make a buyer feel more confident in making a purchase of a property.

Market Analysis: An opinion of the value of the property based on what buyers have been willing to pay for other recently sold similiar / comparable properties.

Title Search: A detailed examination of the ownership documents to determine if there are any liens or other encumbrances on the property. A title search will also reveal who has any claims to the property including who is the legal owner of the property.
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