What is Pre-Approval?
The pre-approval process involves a potential lender or bank reviewing an individual's finances, including their income, assets, and...
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TOCR Real Estate School
Mar 13, 20231 min read
What is a Home Equity Line of Credit?
Home equity line of credit (also referred to as a HELOC) is a second mortgage that allows a homeowner to borrow money against their...
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TOCR Real Estate School
Mar 13, 20231 min read
What is an Exclusive Listing?
An exclusive listing is when a seller commits to working with one specific broker and a designated agent on the sale of a property....
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TOCR Real Estate School
Mar 13, 20231 min read
What is Escrow?
During the home buying process, your money will be placed "in escrow" and is protected by a third party until the real estate transaction...
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TOCR Real Estate School
Mar 13, 20231 min read
What is a Down Payment?
The down payment is the amount of money a buyer has saved in order to purchase a property. This can typically range from 5 - 20% of the...
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TOCR Real Estate School
Mar 13, 20231 min read
What is a Conventional Mortgage?
A conventional mortgage is Ideal for borrowers with strong credit, this type of loan is not backed by a government agency like the...
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TOCR Real Estate School
Mar 6, 20231 min read
What is a Blind Offer?
When a buyer makes an offer on a property they haven’t seen, even when it was possible to see it, that offer is considered a “blind...
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TOCR Real Estate School
Mar 6, 20231 min read
Days on Market (DOM)
DOM is defined as the number of days from the date on which the property is listed for sale on the local real estate brokers’ multiple...
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TOCR Real Estate School
Mar 6, 20231 min read
What is a Home Sale Contingency?
A home sale contingency is for a buyer to indicate to a seller that part of their condition to purchase the seller’s property relies on...
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TOCR Real Estate School
Mar 6, 20231 min read
What is an Inspection Contingency?
Also known as a “due diligence contingency,” the inspection contingency is a clause sometimes offered in a purchase agreement that grants...
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TOCR Real Estate School
Mar 6, 20231 min read
What is a Title Search?
A title search examines public records for the history of the home, including sales, purchases, and tax and other types of liens....
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TOCR Real Estate School
Mar 6, 20231 min read
What is a Short Sale?
In a short sale, the property is being sold for less than the debt secured by the property. Short sales will require the approval of the...
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TOCR Real Estate School
Mar 1, 20231 min read
What is a Purchase Agreement?
A purchase agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale...
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TOCR Real Estate School
Mar 1, 20231 min read
What is Private Mortgage Insurance?
Private mortgage insurance is a policy that protects your lender in case you default on your loan. Usually, if your down payment is less...
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TOCR Real Estate School
Mar 1, 20231 min read
What is Escrow?
Escrow is a legal arrangement where a third party holds large funds until terms of an agreement are met. In real estate, you’ll set up an...
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TOCR Real Estate School
Mar 1, 20231 min read
What is Earnest Money?
Earnest money is part of your down payment paid before closing to show you are serious about purchasing a home. It is also known as a...
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TOCR Real Estate School
Mar 1, 20231 min read
What is a Conventional Mortgage?
Conventional mortgages are funded by private lenders rather than government-backed agencies. Most often, these loans are then sold to...
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TOCR Real Estate School
Feb 21, 20231 min read
What is Right of First Refusal?
A right of first refusal clause is a valuable tool for sellers who find themselves dealing with a home sale contingency. This clause...
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TOCR Real Estate School
Feb 21, 20231 min read
What is Dual Agency?
Dual Agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is...
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TOCR Real Estate School
Feb 21, 20231 min read
What is an Escrow Holdback?
An escrow holdback agreement lets the buyer hold back a portion of the seller’s proceeds in escrow. There are various reasons you may...
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