---
title: 30 Terms and Phrases to Know
description: New to FSBO? Chapter 1 breaks down what selling your home on your own really involves so you can decide if FSBO is the right move.
image: https://www.joedoeshomeloans.com/hubfs/image%20(44).png
---
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# 30 Terms and Phrases to Know
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#### Table of Content
You do not need to become a real estate lawyer.
But you do need to understand the words people will throw at you, because the wrong assumption can cost you time, money, or the whole deal.
Here are 30 terms, in plain English.
## The 30 terms and phrases
1. **FSBO** For Sale By Owner. You are selling without a listing agent.
2. **Listing** Your home being publicly marketed for sale.
3. **MLS** Multiple Listing Service, the main database agents use to share listings.
4. **Buyer’s agent** An agent representing the buyer, not you.
5. **Seller’s disclosure** A form where you disclose what you know about the property’s condition.
6. **Offer** The buyer’s proposed price and terms, in writing.
7. **Counteroffer** Your response changing the price or terms.
8. **Purchase agreement** The contract that becomes binding once signed by both sides.
9. **Contingency** A condition that must happen for the deal to stay alive, like inspection, financing, appraisal.
10. **Inspection period** The set number of days the buyer has to inspect and negotiate repairs or credits.
11. **Repair credit** Money credited to the buyer at closing instead of you doing the repairs.
12. **Concession** Seller money used to help pay the buyer’s closing costs.
13. **Earnest money deposit** The buyer’s “good faith” money held in escrow.
14. **Escrow** A neutral holding account for funds and documents until closing.
15. **Title** Legal ownership. Title work confirms you can sell cleanly.
16. **Title search** The check for liens, judgments, ownership issues, unpaid items.
17. **Lien** A legal claim against the property for unpaid debt.
18. **Payoff** The amount needed to fully pay off your existing mortgage.
19. **Closing disclosure** The final breakdown of all costs and money movement before closing.
20. **Net proceeds** What you actually walk away with after payoffs and costs.
21. **Pre qualification** A rough estimate of what a buyer might afford, usually not fully verified.
22. **Pre approval** A stronger approval where the lender reviewed documents and pulled credit.
23. **Proof of funds** A statement showing the buyer has the money for down payment, closing costs, or cash purchase.
24. **DTI** Debt to income ratio, how lenders measure affordability.
25. **Underwriting** The lender’s deep review and final decision on the loan.
26. **Conditions** Items underwriting requires before they approve and clear the loan.
27. **Appraisal** A lender ordered value opinion to confirm the home supports the price.
28. **Appraisal gap** When the appraisal is lower than the contract price, creating a difference to solve.
29. **Clear to close** The lender is done, and the closing can be scheduled.
30. **Final walkthroug**
The buyer’s last check before closing to confirm condition is as expected.
[Previous Post](https://www.joedoeshomeloans.com/blog/negotiation-rules-for-fsbo-sellers-how-to-counter-without-losing-the-buyer) [Next Post](https://www.joedoeshomeloans.com/blog/final-fsbo-checklist-before-you-sign-anything)
## Get a 15-Minute FSBO Strategy Check
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