Buying with Future Real Estate
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BUYING WITH<br />
HOUSTONLUXURYREALESTATE.COM<br />
THE PREMIER WEBSITE FOR<br />
LUXURY HOMES IN HOUSTON
UNPARALLELED REAL ESTATE EXPERTS<br />
LUXURY REAL<br />
ESTATE<br />
At <strong>Future</strong> <strong>Real</strong> <strong>Estate</strong>, <strong>with</strong> our first-class white-glove service and<br />
tailor-made processes, we have elevated the standard of care<br />
in the Houston real estate market. As pioneers of the future of<br />
real estate, we leverage cutting-edge technology, impactful<br />
marketing, and an innovative mindset to provide a seamless<br />
experience for our clients.<br />
By employing outside-the-box thinking and a relentless mentality,<br />
we offer a fresh perspective and approach that surpasses<br />
expectations, resulting in remarkable outcomes.
THE BUYER’S<br />
OUR TEAM’S COMMITMENT TO<br />
SUPERIOR BUYER REPRESENTATION<br />
Embarking on the journey of purchasing a home in one of the most fiercely<br />
competitive real estate markets demands more than just as a real estate agent –<br />
it requires having an experienced, well-connected real estate team to guide you.<br />
As the founder of Fiki Properties Group, I want to assure you that we are not just<br />
helpful; our team is primed and trained to be your ultimate buyer representative.<br />
We offer more than just standard services; we provide unrivaled industry expertise<br />
in the local market, grant access to exclusive off-market properties, and employ<br />
cutting-edge technology tools to streamline every aspect of your experience.<br />
Our meticulously crafted process is designed to secure your dream property at<br />
the most advantageous purchase price, requiring minimal effort on your part.<br />
Our goal is to exceed your expectations on every level.<br />
Our dedication extends beyond the transactional. We tirelessly strive to ensure<br />
your satisfaction, from our initial meeting to the finalization of your purchase. Most<br />
importantly, we are not here for a one-time deal. We prioritize understanding you,<br />
your real estate aspirations, and life goals, <strong>with</strong> the intention of serving you for<br />
many years to come. We are here to build a lifelong relationship.<br />
#1 Houston REALTOR ® on Social Media<br />
FORMER U.S. NAVAL OFFICER | MBA<br />
832.610.4290<br />
Morad@MoradFiki.com<br />
HoustonLuxury<strong>Real</strong><strong>Estate</strong>.com
YOUR GUIDE TO<br />
BUYING A PROPERTY<br />
<strong>Buying</strong> a property is not just about building equity; it’s an investment in your lifestyle.<br />
We aim to find a home that inspires you, a home in which you can build incredible<br />
memories—a home base from which you can achieve your loftiest goals.<br />
Selecting the right home extends beyond analyzing profit and loss spreadsheets<br />
and understanding the current market. It should be an exciting, empowering process<br />
that gets you dreaming about your future.<br />
OUR<br />
WE GUIDE YOU THROUGH EVERY STEP OF<br />
THE PROCESS WITH CONFIDENCE AND CARE,<br />
KEEPING YOUR BEST INTERESTS AT THE<br />
FOREFRONT OF EVERYTHING WE DO!<br />
Going forward, you’ll experience our commitment to serving you at the highest level.<br />
You’ll never wonder about the next steps or be left <strong>with</strong> unanswered questions.<br />
We’re present and available. Always!
YOUR CLIENT<br />
Embarking on your home-buying journey requires a well-rounded team, and<br />
our Client Concierge collaborates seamlessly <strong>with</strong> your agent to support you<br />
from start to finish. While our agents guide you through the home search<br />
and offer process, our Client Concierge team ensures a smooth transition<br />
to the closing table and beyond. Together, we streamline the entire buying<br />
process to provide unparalleled and superior support. Here’s how we<br />
enhance your home-buying experience:<br />
1. Transaction Management Support: We handle all transaction aspects,<br />
from scheduling inspections to ensuring contingency deadlines are<br />
met. We prioritize your protection, managing everything from ordering<br />
appraisals to home warranties.<br />
2. Comprehensive Support After the Transaction: Beyond home searching,<br />
we provide exclusive deals on moving, utilities setup, and trade discounts<br />
through the trusted vendor partnerships we’ve established, catering to<br />
all your needs.<br />
3. Risk Management: While our team is dedicated to guiding you through<br />
every step of the buying process, our exceptional broker is an integral part<br />
of our Client Concierge team and will advocate for you and proactively<br />
addresses any potential issues to ensure a smooth experience.<br />
4. Legal Protection: Our team is proud to offer our clients the Buyer<br />
Protection Plan for peace of mind, providing legal advice before, during,<br />
and after close of escrow, along <strong>with</strong> post-closing mediation services for<br />
property disputes.<br />
MORAD FIKI<br />
#1 Houston<br />
REALTOR ® on<br />
Social Media<br />
PATRICIA FIKI<br />
Director of<br />
Operations<br />
Kaite Kossiv<br />
Broker of<br />
Record
THE RIGHT<br />
TEAM<br />
As a team of experts specializing in this local area, we bring a collective<br />
wealth of knowledge and expertise about buying and selling real estate.<br />
It’s essential to have a reliable team you can trust to provide up-to-date<br />
information in this ever-changing market. We are eager to serve you. Here<br />
are some of the things we can do for you as a team:<br />
1<br />
You need a team that knows<br />
the area inside and out! We can<br />
collaborate <strong>with</strong> you to find the<br />
right home at the right price,<br />
considering all the neighborhood<br />
amenities that matter to you,<br />
along <strong>with</strong> your essential criteria<br />
for your ideal home.<br />
2 Assisting in identifying your<br />
essential home preferences.<br />
Negotiating the best offer and<br />
4<br />
contract on your behalf.<br />
Assisting in the financing<br />
5 process.<br />
Initiating the property evaluation<br />
6<br />
and inspection process.<br />
Explaining the title search 7<br />
process thoroughly.<br />
Collaborating <strong>with</strong> you to determine<br />
3<br />
your most competitive offer.<br />
Preparing you for the close of<br />
8<br />
escrow.
OUR TEAM’S<br />
OF PERFORMANCE – MY<br />
RESPONSIBILITIES AS YOUR<br />
REALTOR ®<br />
At Fiki Properties Group, we are committed<br />
to reshaping your home-buying experience<br />
by adopting a service-oriented approach<br />
that goes beyond transactions. Our<br />
unwavering Pledge of Performance is<br />
not just a statement; it’s a commitment<br />
to delivering unparalleled service that<br />
exceeds your expectations:
BUYER’S<br />
OF PERFORMANCE – YOUR<br />
RESPONSIBILITIES IN THE<br />
BUYING PROCESS<br />
1. Provide us <strong>with</strong> the specifications for the<br />
real estate you are seeking.<br />
2. Exclusively work <strong>with</strong> our team to<br />
identify and acquire real estate throughout<br />
our agreement, including any unlisted<br />
properties you come across, new<br />
construction or new build homes, homes<br />
<strong>with</strong> ‘For Sale’ signs, and any properties<br />
“For sale by owners.”<br />
3. Supply any relevant financial information<br />
required for us to fulfill our fiduciary and<br />
contractual obligations.<br />
4. Be available to attend property<br />
inspections in person, or be able to<br />
discuss the results over the phone <strong>with</strong><br />
reasonable notice and during reasonable<br />
hours, for properties that align <strong>with</strong> your<br />
specifications.<br />
5. Adhere to the terms outlined and<br />
negotiated in the Buyer Representation<br />
Agreement for compensation to the<br />
brokerage firm.
• Discovery of the buyer’s goals, motivations, budget, timeline, and criteria for<br />
their home search<br />
• Opportunity to provide valuable information and insights such as market<br />
conditions, the process, and fiduciary duties to the buyer<br />
sign the buyer’s representation agreement<br />
• Begin the pre-approval process: are you using cash? Need to speak to a<br />
lender? Are you already pre-approved?<br />
• Whether you need lender contacts or have questions on navigating the<br />
preapproval process, our team is dedicated to guiding you through each step<br />
procure your pre-approval letter<br />
• Set up HAR home search<br />
• Select your favorites<br />
• Set aside dates and times during the week for showings. As a friendly<br />
reminder, all main decision makers need to be present<br />
• Explore the homes and re-evaluate as needed<br />
decide on a home!<br />
• Perform market analysis<br />
• Write and present your sales contract to the co-op agent and seller<br />
• Negotiate on your behalf<br />
work and communicate <strong>with</strong> your buyer’s agent<br />
• Navigate you through the inspection period<br />
• Obtain final financing approval from your lender<br />
• Complete your final walk-through & closing appointment<br />
• Celebrate this huge milestone <strong>with</strong> you!
NAVIGATING THE<br />
GUIDING YOU THROUGH EVERY STEP
NAVIGATING THE BUYING PROCESS – STEP 1:<br />
Our commitment to your home-buying journey begins <strong>with</strong> a personalized approach. We understand<br />
that your goals, motivations, timeline, and budget are unique to you. We take the time to work closely<br />
<strong>with</strong> you to identify these essential elements. We are not just facilitators; we are your partners in<br />
achieving your homeownership dreams. During this step, we will:<br />
• Collaboratively establish your goals and motivations.<br />
• Outline a realistic timeline for the home-buying process.<br />
• Carefully assess your budget to ensure alignment <strong>with</strong> aspirations.<br />
• Ensure the strategy is tailored to your individual aspirations.<br />
• Focus on creating a seamless and fulfilling home-buying experience, not just finding<br />
a property.<br />
Once these key aspects are identified, we will then take proactive steps to activate the next phase.<br />
We ensure that your journey toward homeownership is not only purposeful but also marked by<br />
efficiency and success. Your goals become our mission, and together, we embark on the path to<br />
finding your ideal home.<br />
Compile a list of both wants and needs, prioritizing the essentials.<br />
Desired number of bedrooms, bathrooms, and square footage (Sq.Ft.)<br />
Residing in a specific neighborhood (school district, proximity to work, etc.)<br />
Beds/Baths:<br />
Sq.Ft.:<br />
Location:<br />
Floorplan Style/Stories:<br />
Backyard/Garage:<br />
Pool:<br />
Fireplace:
NAVIGATING THE BUYING PROCESS – STEP 2:<br />
Before you find your dream home, it’s crucial to be ready to submit a compelling offer. We work <strong>with</strong><br />
your lender to ensure you’re positioned to make a strong offer based on your financial situation.<br />
During this step, the lender will consider factors such as your income, credit score, monthly<br />
expenses, available funds for a down payment, and current interest rates in order to determine<br />
your purchasing power.<br />
• Whether contemplating cash or loan options, need lender contacts, or<br />
have questions on navigating the preapproval process, seek guidance<br />
from our dedicated team.<br />
• File taxes and gather documentation of any recent significant financial<br />
transactions beforehand.<br />
• Ensure solid financial preparation to streamline the home-buying process.<br />
• Evaluate your income, monthly expenses, and available funds for a down<br />
payment.<br />
• Consider current interest rates to determine affordability.<br />
• Contact multiple mortgage lenders to determine purchasing capacity<br />
and borrowing potential.<br />
• Get pre-approved for a loan before commencing your home search.<br />
• Obtain a copy of your Pre-approval Letter to activate the next step.<br />
• Ensure a smooth transaction by exchanging contact information between<br />
your lender and agent.
NAVIGATING THE BUYING PROCESS – STEP 3:<br />
Embark on an exhilarating journey <strong>with</strong> our dedicated team, committed to ensuring your<br />
pursuit of the perfect home is both seamless and personalized. We don’t just stop at finding<br />
your sanctuary; we delve deep into the pulse of the neighborhood, unraveling its secrets, and<br />
decoding its essence. Armed <strong>with</strong> this knowledge, you’ll approach your purchasing decisions<br />
<strong>with</strong> unwavering confidence. Beyond just securing your dream home, our priority is to<br />
safeguard your investment for the future. Trust us to navigate this journey <strong>with</strong> professionalism<br />
and expertise, ensuring that every step is taken <strong>with</strong> your best interests in mind.<br />
Schedule appointments and coordinate showings<br />
efficiently on your behalf.<br />
Review key factors of the home and neighborhood: the<br />
age of major systems, seller’s disclosure, special utility<br />
districts, price, school districts, property taxes, local<br />
amenities, and commuting distance.<br />
Discuss the pros and cons of each home and review your<br />
preferences to ensure it aligns <strong>with</strong> your needs, helping<br />
you make an informed decision about the perfect home<br />
for you.<br />
Our team is dedicated to making this exciting journey smooth and personalized. Once we’ve<br />
pinpointed your dream home, we’ll provide you <strong>with</strong> deep insights into the neighborhood and<br />
extensive market sale history to arm you <strong>with</strong> the knowledge you need to make confident,<br />
informed purchasing decisions. Our priority is helping you secure your dream home and also<br />
ensuring that your investment is safeguarded for the future.
NAVIGATING THE BUYING PROCESS – STEP 4:<br />
Navigating the offer and negotiation process involves a dynamic exchange of<br />
communication, demanding exceptional skills and a precise comprehension of all terms<br />
and conditions. The significance of having an experienced REALTOR ® working on your<br />
behalf to attain a mutually agreed-upon price and terms cannot be emphasized enough.<br />
The offer and negotiation process encompasses a multitude of factors, such as:<br />
• Price: Making sure you’re getting maximum value <strong>with</strong> a<br />
Comparable Market Analysis (CMA)<br />
• Financing<br />
• Terms such as due diligence period, date of possession, home<br />
warranty credits, and any other special provisions.<br />
• Repairs<br />
• Seller Concessions<br />
• Multiple Offer Situations: Our team is highly experienced in<br />
navigating the nuances of multiple offer situations. We excel<br />
in crafting winning offers that are most appealing to sellers,<br />
ensuring your success in such scenarios.<br />
When presenting an offer, the seller may choose to accept, reject, or present a counteroffer.<br />
Given the common occurrence of counteroffers (as any change in an offer is considered as<br />
such), it is vital to maintain close communication <strong>with</strong> our team throughout the negotiation<br />
process. This ensures that any proposed changes can be swiftly reviewed, allowing for a<br />
prompt response and strategic maneuvering during this critical phase.
NAVIGATING THE BUYING PROCESS – STEP 5:<br />
Offer Accepted! Our Client Concierge Team Steps In To Help<br />
Facilitate Next Steps Right Away<br />
Earnest Money & Option Fee Is Delivered To Title And Escrow Is<br />
Opened Within Three Days<br />
Various Inspections Ordered And Coordinated Within The Option Period<br />
(Due Diligence), This is Typically 7-10 Calendar Days<br />
Review The Inspection Report And Our Team Will Negotiate Any<br />
Repairs/Credits On Your Behalf Within The Option Period<br />
Once Out Of Option Period: Order Appraisal, HOA Documents, Survey,<br />
And Home Warranty (If Applicable)<br />
Work With Lender To Get Final Loan Approval. Once Received,<br />
Sign Closing Disclosure<br />
Set Up Utilities and Complete Final Walkthrough 24 Hours<br />
Before Closing Appointment
WHY HIRE A<br />
It’s crucial to understand that broker commissions have always been negotiable, and you can<br />
locate a home on the internet yourself. Navigating the transaction after you find a house is when<br />
your buyer’s agent’s expertise shines.<br />
Just as you would hire a CPA, Financial Consultant, or Attorney for professional services, a Buyer’s<br />
Agent offers you valuable professional advice, counsel, and powerful negotiation skills on your<br />
behalf. Here are just a few ways our team delivers the utmost value to you as the buyer:<br />
Assist With Financing And Help You Understand The Best<br />
Loan Program For You<br />
Represent The BUYER Only And Protect The Buyer’s Interest<br />
At All Times (That’s You!)<br />
Advise And Disclose To Buyer All Matters (Even If It Means<br />
Pointing Out Reasons NOT To Buy)<br />
Prepare Property Value Study Or CMA For Buyer (Even If It Is<br />
Low)<br />
Structure Offers To Promote And Protect The Buyer<br />
Keep Buyer’s Financial Capabilities, Thoughts, And<br />
Willingness To Pay More For A Property Strictly Confidential<br />
Represent Buyer On MLS Listed Properties, Foreclosures,<br />
Bank Properties, Auctions, FSBOs, And New Construction<br />
Properties<br />
Negotiate Home Inspection Repairs, Occupancy Dates,<br />
Buyer Credits And Costs In “BUYER’S FAVOR”<br />
Owe Fiduciary Obligations And Responsibilities To The<br />
“Buyer Only”<br />
LISTING AGENT:<br />
BUYER’S AGENT:
TO ASK YOUR REALTOR ®<br />
1. Are you a full-time or part-time<br />
REALTOR ® ?<br />
2. How many homes do you help buyers<br />
purchase each year?<br />
3. How many clients do you have right<br />
now?<br />
4. Will I be working <strong>with</strong> you individually,<br />
or do you have full-time staff working<br />
to get my home under contract and<br />
closed?<br />
5. What professional contacts do you<br />
have?<br />
6. How many homes have you sold in the<br />
last 12 months?<br />
7. How do you help buyers compete in<br />
this market?<br />
8. Do you have references I can call?<br />
Notes:
CLIENT REFERRALS: BEYOND THE<br />
Building a business through referrals is anchored in the foundation of<br />
trust. When you seek a service, having someone highly recommended—a<br />
person already in your corner—is paramount. Here’s why we go above<br />
and beyond to earn your trust:<br />
Many professionals adopt a transactional approach to sales—<br />
identifying clients, closing the deal, and swiftly moving on. We choose<br />
a different path because we believe you deserve exceptional service.<br />
Operating by referral means our primary source of new business comes<br />
from individuals who know and trust our team.<br />
Recognizing that we must earn your future referrals, our goal is to<br />
exceed your expectations. We are deeply invested in ensuring your<br />
complete satisfaction at the end of our transaction. Our aim is for you<br />
to be so delighted that you can’t wait to share your positive experience<br />
<strong>with</strong> friends and family.<br />
We would greatly appreciate your referral to individuals like yourself<br />
who would benefit from the outstanding service and personal attention<br />
we provide.
CLIENT<br />
STORIES<br />
Morad Fiki is an excellent realtor who provided<br />
an amazing experience when I wanted to buy<br />
my first house. He was straightforward, gave<br />
many ideas, and showed honesty through<br />
his knowledge in the realtor field in advising<br />
inspection cleaning and much other stuff. It was<br />
very nice doing business <strong>with</strong> him. Murad was<br />
also ready to show the property at any time I<br />
text him he was quite flexible <strong>with</strong> my schedule.<br />
Very nice person at heart and I feel he will not let<br />
down any future buyers or sellers in the realtor<br />
businesses. Thank you, Morad.<br />
Morad is extraordinary! We gave him<br />
a difficult task: to find a reasonablypriced<br />
townhome for lease that was<br />
zoned to Memorial HS. In this tight<br />
market, it was very difficult. He worked<br />
tirelessly for 2 months and found us<br />
the perfect place. He was always<br />
cheerful, he responded to questions<br />
immediately, and we felt he was always<br />
on our side. Amazing considering this<br />
was only a lease transaction. Highly<br />
recommend!<br />
I highly recommend Morad. He is fast, responsive,<br />
energetic, elegant, classy, and very honest. He is<br />
also a Navy Veteran who served honorably and<br />
that is now eager to serve your needs. He knows the<br />
real estate market like very few do. He is definitely<br />
the man to go to when looking for a home. He will<br />
definitely exceed all your expectations.<br />
Morad Fiki is a great realtor. He<br />
answered our all questions at any time.<br />
He replied in a short time. We bought<br />
our first house which means that we<br />
didn’t know the process, he informed<br />
us very well. We really appreciate his<br />
service!<br />
Working <strong>with</strong> Morad was an absolute<br />
pleasure! He is professional, knowledgeable,<br />
and persisted in providing frequent updates<br />
throughout the process. I was really impressed<br />
<strong>with</strong> his meticulous efforts to ensure our home<br />
was marketed widely among realtors and<br />
prospective buyers. Our home was sold <strong>with</strong>in<br />
our expected time-frame and we have Morad<br />
to thank for such a smooth and predictable<br />
experience. Morad will always have our<br />
highest regards and we would unquestionably<br />
recommend him for anyone looking to buy or<br />
sell real estate. Thanks, Morad!<br />
Morad was the best realtor I have come<br />
across. He is the whole package. He is<br />
extremely knowledgable, persistent,<br />
responsible, efficient, understanding,<br />
and responsive. He had everything<br />
taken care of immediately. I never<br />
had to worry. He was very patient<br />
and understanding, the perfect real<br />
estate agent for me being a first time<br />
home buyer. He was so patient <strong>with</strong><br />
my questions and huge lists of wants. I<br />
recommend him to anyone looking for<br />
an agent.
Morad is 1st class in every regard. I<br />
highly recommend Him for all your<br />
real estate needs. want expectations<br />
exceeded, call Morad! he is fast,<br />
knowledgeable, swift, always prompt<br />
in finding answers or solutions. he is<br />
a very gifted and talented true Texas<br />
southern Gentleman.<br />
Best in Houston . I Recently purchased<br />
my First home and Morad and his team<br />
went above and beyond to help me get<br />
the perfect home for me and my family.<br />
He was very attentive and was in top<br />
of everything and kept me in the loop<br />
all the time. Definitely recommending<br />
to family and friend’s. You won’t regret<br />
choosing him as your realtor.<br />
Morad has been a good friend for a<br />
while and has helped me get several<br />
houses sold that were tough to handle.<br />
He has sold homes for me from $200K<br />
up north of $1,000,000 and always<br />
does an excellent job. He is not only<br />
professional at his job, but is genuinely<br />
humble and easy to speak <strong>with</strong>, which<br />
isn’t the case <strong>with</strong> every realtor out<br />
there. If you need to sell a house and<br />
need someone who truly understands<br />
marketing and that connections get<br />
the job done, Morad has to be on your<br />
list. I always recommend him for my<br />
friends and my own projects.<br />
I believe that Morad’s knowledge<br />
and experience, and the fact that he<br />
shared his recommendations freely<br />
on our rehab project, helped us get an<br />
additional $100,000 in value when we<br />
sold the home. He knows what he is<br />
talking about when it comes to selling<br />
your home. And his passion for what he<br />
does always came thrrough every time<br />
we talked to him.<br />
In a multiple offer situation, Hafsa<br />
was able to negotiate a new roof and<br />
furniture while ensuring a smooth<br />
transaction.<br />
In another multiple offer situation,<br />
Hafsa was able to negotiate $20k off<br />
the sales price and had the sellers<br />
pay for $5k worth of repairs during the<br />
option period.<br />
In the summer of 2023, our buyer was<br />
able to get so many concessions<br />
during the negotiation process that<br />
they walked away <strong>with</strong> a CHECK for<br />
$10k at closing!<br />
Hafsa demonstrated excellent<br />
communication and expert knowledge,<br />
enabling us to secure our dream home<br />
at the best value.
DETERMINING YOUR HOME<br />
Please take a moment to complete this home preferences worksheet. The more I know<br />
about your preferences, needs and priorities, the better I will be able to focus our<br />
search on properties that most closely match your criteria. Unless you are building<br />
your dream home from the ground up, there are often compromises involved in<br />
deciding whether or not you will be satisfied <strong>with</strong> a given property. Please write down<br />
your preference (must have, nice to have, dream item) to each feature then rate from<br />
1 - (no importance) to 5 - (must have):<br />
PREFERENCE RATE 1-5<br />
# OF BEDROOMS:<br />
# OF BATHROOMS:<br />
FAMILY ROOM:<br />
DINING ROOM:<br />
KITCHEN:<br />
1 OR 2-STORY HOME:<br />
SQUARE FOOTAGE:<br />
CLOSE TO EMPLOYER:<br />
SCHOOLS/DAYCARE:<br />
REC CENTERS/PARKS:<br />
ARCHITECTURAL STYLE:<br />
SWIMMING POOL/SPA:<br />
GARAGE:<br />
DECK/PATIO:<br />
CONDITION OF HOME:<br />
SQUARE FOOTAGE:<br />
PUBLIC TRANSPORTATION:<br />
FREEWAY ACCESS:<br />
SHOPPING/DINING:<br />
WHICH COMMUNITIES OR AREAS OF HOUSTON WOULD YOU LIKE TO FOCUS ON?
YOUR GUIDE TO REAL ESTATE<br />
Amendments: A change—either to alter, add to,<br />
or correct—to part of an agreement.<br />
Appraisal: An estimated property value resulting<br />
from analysis of facts about the property; an<br />
opinion of value.<br />
Buyer Closing Costs: The expenses incurred by<br />
the buyer during the closing process, including<br />
loan origination fees, appraisal fees, and title<br />
insurance premiums.<br />
Close of Escrow: The date when documents are<br />
recorded and title passes from seller to buyer. On<br />
this date, the Buyer becomes the legal owner, and<br />
title insurance becomes effective.<br />
Closing Disclosure: A document provided to the<br />
buyer by the lender before closing, outlining the<br />
final terms of the mortgage loan, including interest<br />
rate, monthly payments, and closing costs.<br />
Comparable Sales: Sales that have similar<br />
characteristics as the subject real property,<br />
used for analysis in pricing and for the appraisal.<br />
Commonly referred to as “comps.”<br />
Earnest Money Deposit: Down payment made<br />
by a purchaser of real property as evidence of<br />
good faith; a deposit or partial payment.<br />
Easement: A right, privilege, or interest, limited<br />
to a specific purpose that one party has on land<br />
owned by another.<br />
Home Inspection: An assessment conducted<br />
by a professional to evaluate the condition of<br />
a property, identifying any potential issues or<br />
defects.<br />
Home Insurance: Insurance coverage that<br />
protects a homeowner against financial loss<br />
from damages to their property and liability for<br />
accidents that occur on the premises.<br />
Home Warranty: A service contract that covers<br />
the repair or replacement of home systems and<br />
appliances due to normal wear and tear during a<br />
specified period.<br />
Interest Rate: The percentage charged by a<br />
lender for the use of borrowed money, typically<br />
expressed as an annual percentage rate (APR).<br />
Lien: Form of encumbrance that usually makes a<br />
specific parcel of real property the security for the<br />
debt or discharge of an obligation. For example:<br />
judgments, taxes, mortgages, deeds of trust.<br />
Option Period: A specified timeframe during<br />
which a buyer can conduct due diligence on a<br />
property and decide whether to proceed <strong>with</strong> the<br />
purchase <strong>with</strong>out forfeiting earnest money.<br />
PITI: A payment that combines principal,<br />
interest, taxes and insurance.<br />
Title: A legal document that establishes<br />
ownership of a property and provides details<br />
about any existing liens or encumbrances.
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