Resources

Real Estate Glossary

Understanding real estate terminology helps you make informed decisions.

A professional assessment of a property's market value, typically required by lenders before approving a mortgage.

Fees and expenses paid at the closing of a real estate transaction, including title insurance, loan fees, and taxes.

An evaluation of similar recently sold properties to determine a home's fair market value.

A condition that must be met before a real estate contract becomes binding, such as home inspection or financing approval.

The portion of the home's purchase price paid upfront by the buyer, not financed by a mortgage.

A deposit made by a buyer to demonstrate serious intent to purchase, held in escrow until closing.

The difference between a property's market value and the amount owed on the mortgage.

A neutral third party that holds funds and documents during a real estate transaction until all conditions are met.

A mortgage with an interest rate that remains constant throughout the entire loan term.

A professional examination of a property's condition, including structure, systems, and potential issues.

An organization in a planned community that makes and enforces rules and collects dues from homeowners.

A legal claim against a property that must be paid when the property is sold.

A contract between a property owner and a real estate agent authorizing the agent to sell the property.

A database of properties for sale, shared among real estate agents to facilitate transactions.

A lender's conditional commitment to lend a specific amount, based on verification of finances.

The amount of money borrowed for a mortgage, not including interest.

Insurance that protects against financial loss from defects in title to real property.

A property status indicating an accepted offer, pending fulfillment of contingencies and closing.