Martinsburg, West Virginia
1314 Edwin Miller Blvd
Martinsburg, WV 25404
(304) 728-­7477

5 Real Estate Terms Everyone Should Know January 23, 2018

Martinsburg, Berkeley
5 Real Estate Terms Everyone Should Know, Martinsburg, West Virginia

When it comes to real estate, buying and selling are among the largest financial transactions most people will ever make, with long-term consequences that could shape your life for years to come. However, the complexity of the market often makes these transactions difficult to understand, especially when special terms and industry jargon are involved. Whether you’re shopping for a home or listing yours for sale, understanding the key terms can help ensure the best possible outcome for your real estate adventure.

5 Real Estate Terms You Should Know

1. Comps

Comps, or “comparable sales,” are any properties similar to a given house which have recently been on the market. Knowing what other houses in the area have sold for helps buyers develop expectations, while giving sellers a starting point for setting a price.

2. Appraisal

Before approving a mortgage for a certain piece of property, lenders will require an appraisal to ensure that the property is actually worth what the buyer has offered. These are carried out by professionals and are a crucial step in a fair real estate purchase.

3. Contingencies

real estateWhen making an offer, buyers have the option of setting conditions on the sale. The most common contingencies make the sale dependent on the buyer’s ability to obtain financing or the results of the home inspection.

4. Closing Costs

Buyers purchasing a home incur a range of additional costs, above and beyond the final selling price of the property. These fees vary from one region to another, but usually include origination fees, title insurance, survey costs, any taxes due, and attorney’s fees.

5. Earnest Money

When making an offer, buyers will put down a small deposit, called earnest money, to show that they are serious about purchasing the property.


The process of buying or selling real estate is complex, which is why so many homeowners and buyers throughout Charles Town and Martinsburg, WV, rely on Re/Max Real Estate Group for expert guidance and personalized attention. To learn more about their services and browse properties for sale, visit their website or call (303) 728-7477 to speak with a real estate agent today

Other Announcements, Events and Deals from Re/Max Real Estate Group
The Do's & Don'ts of Listing Your Home for Sale, Martinsburg, West Virginia
When you list your home for sale, you want to take every measure possible to ensure a successful sale. According to Re/Max Real Estate Group in Charles Town, WV, there are some key more
How to Make a Small Bedroom Appear Bigger When Selling Your Home, Martinsburg, West Virginia
Every home buyer wants something different in a home, but most desire plenty of space. This can pose a potential problem if the house you’re selling is on the smaller side, more
Looking for Commercial Real Estate? 3 Tips for Narrowing Down the Options, Martinsburg, West Virginia
Selecting a location for your business is a major decision, one that can be made even more difficult when you're faced with a variety of choices. Having an abundance of options does more
What Is the Role of a Real Estate Agent?, Martinsburg, West Virginia
If you are buying or selling a house, you know that hiring a real estate agent is necessary for the process to finish smoothly and successfully. However, do you know exactly what more