What is a Home Inspection?
A home inspection is carried out by a qualified third party to determine the state of the property and identify if there are any major...
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TOCR Real Estate School
Jan 4, 20231 min read
What is a Contingency?
A contingency is a part of the agreement that must be met, otherwise the other party can cancel the contract. For example, a buyer...
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TOCR Real Estate School
Dec 23, 20221 min read
Real Estate Appraisal
When buying or selling a house, there is likely to be a real estate appraisal when getting a home loan through a mortgage lender. Lenders...
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TOCR Real Estate School
Dec 21, 20221 min read
What is a Home Appraiser?
A home appraiser is a qualified individual who determines the value of a home, usually either to assess property tax or as a basis for a...
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TOCR Real Estate School
Dec 21, 20221 min read
What is a Walk Through?
The walk-through usually refers to the final tour of the property a buyer takes right before the closing. The goal is to ensure the home...
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TOCR Real Estate School
Dec 21, 20221 min read
What is a Real Estate Purchase Contract (REPC)?
A real estate purchase contract or REPC (pronounced “rep see”) is a legally binding document that outlines the terms and conditions of a...
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TOCR Real Estate School
Dec 21, 20221 min read
What Are Contingencies?
Contingencies are clauses in a purchase and sale agreement specifying an action or requirement that must be met (or met within a certain...
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TOCR Real Estate School
Dec 21, 20221 min read
What Does "Under Contract" Mean?
When a buyer and seller agree on a purchase agreement, the home moves to “under contract” status. This means both parties are legally...
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TOCR Real Estate School
Dec 21, 20221 min read
What is a Title?
A title shows ownership of a property. It differs from a deed in that a deed is a physical document and a title is not. Title represents...
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TOCR Real Estate School
Dec 21, 20221 min read
What is a Seller's Disclosure?
A Seller’s Disclosure is a legal document sellers must fill out stating any home defects that may affect its value. Requirements on what...
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TOCR Real Estate School
Dec 21, 20221 min read
What Does It Mean to Refinance?
Refinancing is obtaining a new loan to pay off an original loan on the same home. Often this is done to get better loan conditions, like...
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TOCR Real Estate School
Dec 21, 20221 min read
What is Pre-Approval?
Pre-approval is the process of establishing what a borrower can reasonably afford when taking out a loan. Lenders will look at your...
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TOCR Real Estate School
Dec 21, 20221 min read
What is a Lien?
A lien secures payment by giving the lien holder a legal claim to the property. A mortgage is a type of lien because your lender can...
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TOCR Real Estate School
Dec 21, 20221 min read
What is a Home Equity Line of Credit (HELOC)
A home equity line of credit is a loan where you can borrow money against your home’s equity when you want it, not as a lump sum. This...
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TOCR Real Estate School
Dec 21, 20221 min read
What Fixed-Rate Mortgage?
A fixed-rate mortgage mortgage guarantees one interest rate for the duration of your loan. With a fixed-rate mortgage, your monthly...
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TOCR Real Estate School
Dec 21, 20221 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
Dec 19, 20221 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
Dec 16, 20221 min read
What is a Deed In Lieu of Foreclosure?
If a borrower needs relief from mortgage debt, they may choose to do a deed in lieu of foreclosure. This transfers deed ownership to the...
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TOCR Real Estate School
Dec 15, 20221 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
Dec 14, 20221 min read
What are Comparables?
Comparables are recently sold properties that help appraisers determine a home’s fair market value. They are similar to the listed...
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