Key Real Estate Terms
Earnest Money- A show of good faith on the part of the buyer. The sum gets applied to the buyer's closing costs/down payment and is refunded to buyer should the inspection go poorly.
Closing Date- 30-45 days from offer date. Depending on the loan type. Cash would be 10-14 days.
Inspection Contingency- Initial period after offer acceptance where the buyer has the right to conduct a home inspection (or have a licensed inspector conduct on their behalf.) Buyer can accept the home as-is after reading the findings, request a price reduction/repairs, or rescind their offer and get earnest money refunded.
Financing Contingency- Offer is contingent on getting financing and successful appraisal.