If you’re currently involved in a Duluth real estate transaction, or soon will be, get ready to hear a ton of words and phrases that you’ve maybe never heard before or, if you have, you don’t quite get their meanings.
While the following make up the tip of the iceberg, these are the terms we are most frequently asked about.
Addendum – Any time a change is made in the original purchase contract the party that makes the change must submit an addendum to the other party. Some of the changes that may be made include an extension of the closing date, additional time for inspections or changes in the purchase price to reflect the seller's payment for repairs.
Appraisal – The buyer's lender will have the house appraised by a professional appraiser…