by admin When dealing with real estate, a variety of key terms are frequently used. Here’s a comprehensive list of essential real estate keywords:
- Appraisal – The evaluation of a property’s market value.
- Broker – A licensed individual or firm that arranges transactions between buyers and sellers.
- Buyer’s Agent – A real estate agent who represents the buyer in a transaction.
- Closing – The final step in a real estate transaction where the title is transferred from seller to buyer.
- Commission – The fee paid to a real estate agent for services, usually a percentage of the sale price.
- Comparative Market Analysis (CMA) – An analysis of recently sold properties in the same area to determine a property’s value.
- Contract – A legally binding agreement between buyer and seller.
- Contingency – A condition that must be met before a contract becomes binding.
- Deed – A legal document that transfers property ownership from one person to another.
- Down Payment – An upfront payment made by the buyer towards the purchase price.
- Escrow – Funds held by a third party until certain conditions of the sale are met.
- Foreclosure – The legal process by which an owner’s right to a property is terminated, usually due to default.
- Homeowner’s Association (HOA) – An organization in a subdivision or condominium that makes and enforces rules for properties and residents.
- Inspection – A thorough examination of the property’s condition.
- Interest Rate – The proportion of a loan charged as interest to the borrower.
- Listing – A property that is for sale, represented by a real estate agent.
- Mortgage – A loan used to purchase a property.
- Offer – A proposal to buy a property at a specified price.
- Open House – A scheduled period when a property for sale is available for public viewing.
- Pre-approval – A preliminary evaluation of a potential borrower by a lender.
- Principal – The amount of money borrowed for a mortgage.
- Real Estate Agent – A licensed professional who represents buyers or sellers in real estate transactions.
- Realtor – A real estate agent who is a member of the National Association of Realtors.
- Refinance – The process of replacing an existing mortgage with a new one.
- Title – A legal document that proves ownership of a property.
- Underwriting – The process by which a lender evaluates the risk of lending money to a borrower.
- Zoning – Laws that regulate land use and development.