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

Value placed upon property for property tax purposes by the Tax Collector

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

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

In Hawaii all funds are due to Escrow 2 business days prior to closing date/recording. 

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

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

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

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. 

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.

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

The period of time Buyer has the right to conduct any inspection and provides the right for Buyer to terminate if not satisfied with any of the conditions. 

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

Fee Simple is an interest in land which gives a full right of ownership. This interest can be freely transferred. Leasehold is an interest in land for a fixed period of time, which is less than fee simple and usually includes periodic rental payments. 

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.

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

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