If you’re buying a condo or loft for sale in DTLA, here’s a list of common real estate terms you need to know first.
Common Real Estate Terms
An active listing is a home that’s for sale because it doesn’t have an accepted offer.
A bidding war occurs when two or more people put in an offer on the home. If someone offers the seller $300,000, you can offer $310,000. Then, the original bidder can offer $315,000. It goes back-and-forth until the seller ends it by making a choice.
Contingencies are escape clauses. They’re “if this, then that,” such as “I’ll buy your house unless the inspector tells me there’s a major problem with it.”
Disclosures are things a seller has to tell you about a home. Many are required by law.
You have the right to have a home inspected by a professional before you actually buy it. It’ll cost you in inspection fees, but that’s the only way you’ll find out if there are issues with a home you want to buy.
An open house is an invitation for the public to come into a home and check it out because it’s for sale.
A home’s record of ownership is in its title. It’s just like buying a car – when it’s paid for, you get the title.
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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