Escrow, Title, And 8 Other Terms To Know Before Buying A House

Real estate, like any other business, comes with its own language. The catch is that most first-time homebuyers don’t speak it, which can lead to them being at a tremendous disadvantage in deal-making. Even an open house isn’t exactly what it seems to be!

Consider this your CliffsNotes to being a first-time buyer.

1. Open house: An open house is when a real estate agent puts signs up all over the neighborhood inviting strangers to come tour a house that’s listed for sale. It’s certainly fun to check out houses, but don’t fall for that bait of freshly baked cookies in the kitchen. What’s really being marketed here isn’t so much the house for sale; open houses rarely sell the house being held open. They are sometimes held so that the agent can find prospective buyers and gain them as clients. Agents want buyers who aren’t being represented by anyone in attendance.

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