Closing costs typically include fees for services and expenses associated with finalizing a real estate deal. They can cover items like appraisal fees, title insurance, attorney fees, and property taxes. These costs vary by location and the specifics of the transaction.

Pre-qualification is an initial assessment of a buyer’s eligibility for a loan based on self-reported information, while pre-approval involves a more thorough process where a lender verifies the buyer’s financial information. Pre-approval is a stronger indication of a buyer’s ability to secure a loan.

Market value is determined by factors such as location, size, condition, comparable properties in the area, and current market trends. Appraisers use these factors to determine the estimated value of a property.

Real estate agents facilitate property transactions. They assist buyers in finding homes that meet their criteria, negotiate on their behalf, and guide sellers through the selling process. They act as intermediaries between buyers and sellers, helping navigate the complexities of the real estate market.

Escrow refers to a neutral third-party account where funds are held during a real estate transaction. This ensures that both parties meet their obligations before the deal is finalized. The escrow holder disburses funds and handles the necessary paperwork once all conditions are met.

A home inspection is a thorough examination of a property’s condition, typically conducted by a certified inspector. It helps identify any potential issues with the property before the purchase is finalized. While not always mandatory, a home inspection is highly recommended to avoid unexpected problems after purchasing a home.

The timeline for buying or selling a home can vary widely. Factors such as market conditions, financing, negotiations, inspections, and paperwork can influence the duration. On average, the process can take anywhere from a few weeks to a few months.