A little less jargon.
Quick definitions to help you ask more precise questions. Your actual documents and local requirements still matter.
Equity
Estimated property value minus debt secured by the property. It is not the same as available cash.
Net proceeds
The amount remaining from a sale after payoffs, expenses, and applicable adjustments.
Payoff statement
A dated statement of the amount needed to settle a loan under the stated terms.
Contingency
A condition described in an agreement. Read its specific deadlines, procedures, and consequences.
Closing
The process of completing the transaction and its required documents and funds.
Possession
The point when the right to occupy or access the property changes under the agreement.
Seller credit
An agreed contribution or adjustment whose treatment depends on the transaction.
Scope of work
A written description of the work included in a project, ideally with exclusions and responsibilities.
Estimate
A planning figure based on stated assumptions, not a guaranteed final amount.
Secured debt
Debt backed by collateral, such as a home. Failure to meet obligations can put that collateral at risk.
HELOC
A home equity line of credit secured by a home, with terms governing borrowing and repayment.
Cash-out refinance
A new mortgage replacing an existing loan, with additional proceeds subject to costs and qualification.