Home-selling terms in Virginia

Momentum Properties uses these words on WeCanBuyIt.com in their ordinary selling sense. Each definition is a starting point, not legal advice. Open the linked page when you want the longer answer.

Cash offer

A cash offer is a written price from a buyer who is not waiting on a mortgage to purchase the house. Momentum Properties writes that number after a look at the house. It is not a text message and it is not a list price. You can compare it with a listing before you choose.

Written offer

A written offer names the address, the price, and what has to happen before closing. Momentum Properties shows sellers a written offer and a settlement statement before they sign. A spoken number on a phone call is not this document.

Comparable sales

Comparable sales are houses that have already sold, used as a reference for the house you own. They are adjusted for differences such as size, lot, and condition. A renovated sale is not the same as a house that still needs work. The cash offer uses the house as it is.

Repair scope

Repair scope is the list of work a later buyer would still have to do, written after a visit. It is not a contractor’s bid and it is not a percent taken off a website estimate. Roof, systems, and safety items usually matter more than paint.

Holding costs

Holding costs are the bills that keep running until a resale, such as insurance, utilities, and loan payments. A cash buyer includes them because that buyer pays them while owning the house. They are part of the price conversation, not a fee collected at the front door.

Payoff

A payoff is the amount a lender or other creditor says must be paid to release a debt. The loan servicer writes the mortgage payoff. A monthly statement is only a clue. The settlement agent uses the written payoff on the statement.

Lien

A lien is a claim against the property that usually gets paid from the sale. A mortgage is a common one. A judgment or a code-related claim can be another. The title search is where unknown liens usually show up. Tell us about any you already know.

Title search

A title search is the review of the deed records for owners, mortgages, and other claims. The settlement or title company orders it. Momentum Properties does not replace that search with a conversation. The result is what tells the parties who must sign.

Title company

A title company is one of the businesses that may insure title and, when allowed, handle settlement. On a Virginia sale the purchaser or borrower selects the settlement agent. Ask that company for the draft statement before you sign a deed.

Settlement agent

The settlement agent is the person or company that handles the closing, holds the funds in a fiduciary account, and pays them according to the written statement. Virginia law lists who may do that work. The buyer and your own lawyer, if you hire one, are different roles.

Settlement statement

A settlement statement is the written list of the price, the payoff, and the costs paid at closing. Momentum Properties shows one before you sign. The settlement agent collects them at closing and pays the clerk when the deed is recorded. The statement is not the offer itself.

Deed

A deed is the document that transfers the real estate. Sign it at the settlement the closing agent runs, with the statement in front of you. Do not sign a deed early and hand it to a buyer ahead of that closing. The right signer comes from the title work.

Personal representative

A personal representative is the person a Virginia court names to act for an estate. Heirs can ask for a look at the house before that appointment. They generally cannot sign the deed just because they are named in a will. The settlement agent says who signs.

Probate

Probate is the court process for a decedent’s estate. It is separate from a cash offer. Momentum Properties can talk with heirs while probate is open and still cannot close until the signer is clear. Questions about the estate belong with the estate’s attorney.

Heir

An heir is a person who may receive the house under a will or under Virginia’s rules when there is no will. One heir can call. Every person who must sign still has to sign. A cash offer can be shared with the group. It does not force the other heirs to agree.

Trustee sale

A trustee sale is the sale a lender’s trustee runs after a notice, often called the foreclosure sale. A cash offer helps only if the written contract and the settlement work finish before that date. A phone call does not stop the sale.

iBuyer

An iBuyer is a company that offers to buy a house, often from a national platform, using its own process and timeline. It is different from a local cash purchase and different from a listing. Compare the written numbers, not the advertisements.

Listing

A listing is an agreement to offer the house to shoppers, usually with showings and a buyer who may need a loan. The price on the sign is not your check. Momentum Properties can have that conversation separately from a cash purchase.

Earnest money

Earnest money is a deposit a buyer pays to show the contract is serious, held as the contract describes. On a cash purchase, ask where that money sits and who releases it. It is not an upfront fee paid to a buyer for the privilege of an offer.

Resale certificate

A resale certificate is the association packet a Virginia seller generally must obtain and give to the purchaser. The requirement is not waived by a side deal. Some transactions are exempt. The association’s delivery window is a statute, not a closing promise.

Lockbox

A lockbox is a key safe at the house so someone can enter without the owner standing there. It is useful when you have already moved. Tell us the code and any gate or alarm notes. A lockbox does not replace a walkthrough before a written offer.

Walkthrough

A walkthrough is the visit where the house is seen before a price is written. Photos can start the file. Momentum Properties still looks at the house before a written cash offer. You do not have to empty the rooms before that first visit.

Occupancy

Occupancy is who is living in the house on the day of the visit and on the day of closing. A tenant, an heir, or an empty house are different. The written offer should say whether the house is delivered vacant or occupied.

Power of attorney

A power of attorney is a document that lets another person sign for the owner, if the settlement agent accepts it for that deed. It is not automatic. Ask the settlement agent before you rely on it, especially if you live outside Virginia.

Net proceeds

Net proceeds are what you keep after the price is reduced by the payoff and the costs written on the settlement statement. Compare two offers on net, not on the headline price. A listing’s hoped-for price is not yet a net figure.

Contingency

A contingency is a condition that lets a party walk away or delay if a stated event does not happen, such as a buyer’s loan or an inspection. Read whether the written cash offer has any. Do not assume a cash contract has none unless the writing says so.