As-is sale
Offering a property in its current condition without committing upfront to repairs. Inspection, negotiation, applicable disclosures, and the terms of the purchase agreement still matter.
Probate
The court process for administering a deceased person’s estate. It may involve identifying assets, paying valid obligations, and distributing property. Whether a home requires probate depends on ownership and the estate’s circumstances.
Mortgage
A loan used to buy or refinance real estate, with the property serving as security for repayment. An outstanding mortgage balance is one of the obligations to understand before selling.
Lien
A legal claim against property that can secure a debt or obligation. A title review helps identify liens and determine how they must be handled in a sale.
Property title
The legal ownership rights in a property. A deed is a document used to transfer those rights. Confirm who owns the home and who has authority to sign before agreeing to a sale.
Cash offer
A purchase proposal that does not depend on the buyer obtaining a mortgage for the purchase. The price, any other conditions, closing costs, and timeline should be reviewed in the written agreement.
Closing
The stage when the sale is completed under the agreement, documents are signed, and funds and ownership are transferred. Confirm payment, possession, and any remaining conditions with the title company.