Single Family Home: A standalone home that doesn’t share walls, built for one household and sitting on its own lot.

Multi-Family Home: A property with two or more separate units, like a duplex or apartment building, often great for investors.

Condo: You own your individual unit and share common areas like hallways or a pool with other residents.

Townhome: A multi-story home that shares one or more walls with neighbors but has its own entrance.

Twin Home: Two separate homes joined by one shared wall, each owned individually.

MLS (Multiple Listing Service): The main platform agents use to list and find homes. 

Off-Market/Office Exclusive: A home that’s for sale but isn’t listed publicly; only shared internally within a brokerage.

 Days on Market (DOM): How long a home has been listed before it goes under contract. 

Dual Agency: When one brokerage represents both the buyer and the seller in a transaction.

Underwriter: The person who evaluates your loan application and final approval.

Earnest Money: A deposit showing you’re serious about buying the home.

Down Payment: The portion of the purchase price you pay upfront at closing.

Debt-to-Income Ratio (DTI): Compares your monthly debt to your income. It helps determine how much you can borrow.

Discount Points: Optional fees you can pay upfront to lower your interest rate.

Cash to Close: The total amount you’ll need to bring to the closing table, including your down payment and closing costs.

Appraisal: A professional estimate of a home’s value, required by lenders to justify the loan amount.

Backup Offer: An offer waiting in line if the first buyer backs out.

Escalation Clause: Automatically increases your offer if competing offers come in.

Appraisal Gap Coverage: You agree to pay the difference if the appraisal comes in lower than the purchase price.

Sight-Unseen Offer: Making an offer on a home without physically touring it.

As-Is Sale: The home is sold in its current condition, with no repairs promised by the seller.

Multiple Offers: More than one offer on a home

Seller Concessions: Costs the seller agrees to pay to help reduce what you owe at closing.

Home Inspection: A detailed evaluation of the home’s condition by a licensed inspector (recommended).

Sewer Inspection: A camera is run through the sewer line to check for clogs or damage (recommended).

Chimney Inspection: Checks for blockages, cracks, and overall chimney health (optional).

Radon: A naturally occurring, odorless gas that can pose health risks if levels are high (optional).

Radon Test: Measures the radon level in your future home during inspections (optional). 

Title Insurance: Protects you if someone later claims ownership of the property.

Title Examination: Verifies legal ownership and identifies any liens or claims on the home.