Woodbury Real Estate Resources

Checklists

Real Estate Glossary

Appraisal

An independent, licensed valuation of a home, typically ordered by the buyer's lender to confirm it supports the loan amount.

Comparative Market Analysis (CMA)

An agent's assessment of a home's value based on recent comparable sales, active listings, and pending sales in the area.

Contingency

A condition in a purchase agreement (like financing, inspection, or appraisal) that must be satisfied for the sale to proceed.

Earnest Money

A deposit a buyer puts down to show good faith when making an offer, credited toward closing costs or the down payment at closing.

Escrow Account

An account managed by your lender that holds funds for property taxes and homeowners insurance, paid out on your behalf when due.

HOA (Homeowners Association)

An organization that manages shared amenities and enforces community rules in some neighborhoods, funded by mandatory dues.

Mortgage Registry Tax (MRT)

A Minnesota-specific tax on the loan amount, paid by the buyer at closing — separate from the state deed tax paid by sellers.

Pre-Approval vs. Pre-Qualification

Pre-qualification is an informal estimate based on self-reported info; pre-approval involves a lender verifying your financials and is much stronger when making an offer.

Title Insurance

A policy protecting against ownership disputes or liens missed during the title search — separate lender and owner policies are typically issued.