Real estate terms and definitions

Real estate appraisal, home appraisal, mortgage appraisal
An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property. This helps the lender decide if the property is worth the amount of the loan the potential buyer is seeking.
Buyer agent, buying agent, selling agent, buying realtor
 A buyer’s agent, also known as a selling agent, is a licensed real estate professional whose job is to locate a buyer’s next property, represent their interests by negotiating on behalf of that buyer to obtain the best price and purchasing scenario for that buyer as possible. This agent is a fiduciary for the buyer
Home deposit, deposit on a home
When you make an offer for a home and it is accepted, you must provide a deposit, typically at least 1% of the offer price, within 24 hours of the acceptance of the offer. The deposit does count towards the down payment.

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Steve Sicard REALTOR® | SRES®

Mobile: (613) 853-5807

Phone: (613) 369-5199


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Right at Home Realty Brokerage

14 Chamberlain Ave Suite 101  Ottawa,  Ontario  K1S 1V9 

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