House Buying Terms May 2026

: A legal document that formally transfers ownership from the seller to the buyer. It must be signed by the seller and is typically filed with local government records.

: Most lenders prefer your annual income to be between $100,000 and $125,000 to approve a $400,000 mortgage. Essential real estate terms you should know | Opendoor house buying terms

: A deposit made to the seller to prove you are serious about buying the home. : A legal document that formally transfers ownership

: The legal concept of ownership. The Title Deed is the physical (or digital) paper that serves as evidence of that ownership. Essential real estate terms you should know |

Buying a home is one of the most complex financial transactions you will ever navigate. To help you understand the landscape, 1. Essential Ownership Documents ("The Papers")