To help our readers through the home buying process, we have been building a home buyer glossary. We hope you enjoyed last month's edition, where we went over a few important terms you need to know when buying a home. This month we're going to be adding some more terminology to your list to help further explain what is involved when you enter the housing market!
Closing encompasses the final steps in the transfer of property ownership. Also referred to by some as a settlement, the closing is a meeting that deals with everything from delivering the deed, to making financial adjustments, signing documents, and the distribution of funds in order to close the sale or loan. As the buyer, you will inspect and sign all the documents relating to the transaction, in effect receiving your title and formally taking possession of your home!
A condominium is a home in a multi-unit complex, where each purchaser owns an individual unit. This form of homeownership means the home buyer receives exclusive title to the interior space of the complex, while jointly owning the common areas with the other buyers. These common areas include surrounding land, swimming pools, parking lots, etc.
Elevations are two-dimensional pictures made to reflect the façade of a house or its interior features. These pictures have faces that project from a flat, solid background, such as cabinetry, fireplaces, and elaborate wall designs. These renderings are created to give homebuyers an idea of what a new home will look like. They are also super useful for the construction team, so they have the specifications they need in order to create the building.
Features and finishes are the interior components of your home that reflect your personal taste and help to make your house your home. Although both are often cited together, they do encompass different aspects of the house. The easiest way to think of the difference between the two is 'can this be upgraded relatively easily'? If it can, it's probably a finish; these are things like crown moulding, granite/ quartz countertops, and wood flooring. Features are the bigger parts of the house that would take a fair amount of construction to change. These are elements like attached garages, walk-in closets, high-vaulted ceilings, and pools.
We hope you find these breakdowns help to simplify the home buying process for you! Be sure to follow Marina Home's blog series for more of these terms, to keep you up to date and knowledgeable about everything you can come to expect.