First time buyers glossary

First time buyers face a learning curve that can feel overwhelming if the right level of support and education is not available. It’s not enough to merely educate one’s self on buying strategies, mortgage application, and closing process. Buyers must also navigate through a sea of unfamiliar legalese, home building lingo and real estate specific jargon. The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time. Agency – The relationship of trust that exists between buyers or sellers and their agents. The agency is formed via a written contract.