Apartments for Sale Near Me

Square footage includes finished, heated space also known as “livable space”. Garages, unfinished basements and attics, for example, are not included when calculating a home’s square footage.

Closing costs are expenses incurred by buyers and sellers when the ownership of the property is transferred. These are usually negotiable as to who will be responsible for their payment. Examples of closing costs include recording fees, documentary fees, real estate commission, taxes prorations, settlement fees and title insurance.

An appraisal is an estimate of the value of a piece of property by a licensed, trained, and experienced individual called an appraiser. They are usually required by a lender to determine how much the property is worth in ascertaining how much they will loan on the property.

When you are prequalified, the lender gives you an estimate but does not formally commit to giving you a loan. Sellers often want to see that a buyer is prequalified for a loan, before they agree to accept the buyer’s purchase offer. The Real Estate Settlement Procedures Act requires the lender to disclose certain information about a loan, including the estimated closings costs and Annual Percentage Rate.