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Seller's Guide

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

Assessed Value
Value placed upon property for property tax purposes by the tax collector.

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

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

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

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

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

Escrow
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.

Earnest Money Deposit
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.

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

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

Preliminary Title Report
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.

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

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

 


Phillip Salem
Licensed Real Estate Salesperson
DRE# 02187544
M: 330.618.9688
phillipsalem@compass.com

Work With Phillip

Phillip deepened his passion for client relations, bringing his expertise in luxury retail to real estate with Compass. Phillip, constantly striving to go above and beyond, utilizes his extensive knowledge and trained instincts to create a smooth and memorable journey when finding or selling a home. Nothing brings him more happiness than fulfilling a client’s vision.

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