Buying-Selling

Terms that explain how a property moves from listing through contract, diligence, disclosure, and closing.

Closing is the final stage of a property sale where documents are completed, funds are disbursed, and ownership transfer is finalized.

A contingency is a contract condition that must be satisfied, waived, or resolved before the parties are fully required to close.

Due diligence is the buyer's investigation and review process used to evaluate the property's condition, records, and transaction risk.

Earnest money is a good-faith deposit that shows a buyer is serious and is usually held in escrow under the purchase agreement.

The inspection period is the contract window during which the buyer may inspect the property and act on inspection-related rights.

A listing is the marketed offering of a property for sale or lease, usually under terms set by the owner and any broker relationship.

A purchase agreement is the contract that sets the price, property, timing, contingencies, deposit terms, and closing obligations for a sale.

Seller disclosure is information the seller provides about known property conditions, defects, or facts required by law or contract.

Settlement is the accounting and completion stage of a property deal where funds, prorations, and final transfer items are reconciled and disbursed.