When you’re buying a loft or condo for sale in DTLA, you need to know a few real estate terms.
Here they are.
3 Terms You Need to Know Before You Buy a Condo or Loft
- Active listing
An active listing is one that’s actually for sale. You can make an offer on it! Even if other people are thinking about buying it, you’re free to make an offer on any active listing.
Contingencies are special clauses your real estate agent will build into your purchase offer. Really, they’re an “if this, then that” situation. For example, “I’ll pay you $350,000 for this loft if the lender will approve me for a mortgage” or “I’ll buy your home if the inspector comes back and says that for the most part, everything’s fine.” They’re your escape plan if something goes wrong, too.
Disclosures are things a seller has to tell you before you sign the dotted line to buy the home. It’s really important that you read the disclosures thoroughly – they’re the seller’s way of saying, “You can’t say I didn’t warn you.”
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
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