A Buyer is someone who purchases a real estate property. Real estate properties are different from other products. In real estate a buyer may not be new to the product. They may have leased it previously or presently. The Buyer can be an individual, a couple, a partnership, or company. Not all prospective buyers are qualified. It’s important to have an informed and qualified Buyer. 

A Seller is someone who owns the real estate and willing to put it on the market for sale. The seller or sellers must own the property or have the legal permission to sell the residential or commercial property. A seller may also be selling a business that may not include ownership of the property. The property may be leased and such will be reflected int he price.

Mortgage refinancing is a process of taking out a new loan to pay off one or more outstanding loans. Borrowers usually refinance in order to receive lower interest rates or to otherwise reduce their repayment amount. This can be a good or bad idea, depending on your motivation and goals.

A contract in real estate is not 100% the same as an agreement, even though they have a lot of similarities. In general, a contract is legally enforceable and does not have to be written, but in real estate, it has to be in writing to be enforceable. Contracts respects and protects the rights and duties of all parties to the contract. These often involve the exchange of products, services, money, and other forms of promises. A real estate contract can be between a buyer and seller, or a tenant and landlord. All parties must sign the agreement documents. 

A mortgage is a type of loan from a bank or private lender often used to buy a home or other residential or commercial property. A mortgage allows the lender to take possession of the property if you don’t repay the loan on time. When you take out a mortgage, you make a promise to repay the loan.

A pre-approval is a preliminary evaluation of a potential property buyer by a lender to determine whether they are qualified to be granted loan. Pre-approvals are generated through relationships with credit bureaus which facilitate pre-approval analysis through soft inquiries.

After an offer is received, negotiated and accepted, a few legal procedures and documentation follows. Inspection and ensuring the property is in a clean and vacant state is important. The property must be protected until delivered to the new purchaser. Deposit will be received earlier and the full amount will be paid on the completion date. Things may be done a little differently when its a brand new home or custom built.

There are several monetary factors and requirements in real estate. Some of the financial commitments include loans, down-payment, deposit, realty fees, inspection fees, disbursement, legal fees, agents commission, property tax, land transfer tax, and much more. Also there are different mortgage and financing types and approval may depend on several factors.