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- The final step of a real estate transaction when a property is finally transferred from the seller to the buyer.
www.goodhousekeeping.com/life/money/a35794780/real-estate-terms-glossary/48 Real Estate Terms to Know - Real Estate Glossary & Vocabulary
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Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
- Adjustable-rate mortgage (ARM) With ARM loans, interest rates can change after an initial fixed rate period as they adjust based on the interest rate index the ARM is tied to (e.g., LIBOR, COFI, etc.).
- Appraisal. An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property.
- Appraisal contingency. An appraisal contingency is a clause that allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price.
- As-is. A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.
- Appraisal: An appraisal helps the lender to assess the actual worth of a home. This is important from the lender’s point of view to make sure that the loan amount requested by the borrower is accurate.
- Closing Cost: A lot of buyers are not aware of the closing cost. Closing here refers to the transfer of title from the seller to the buyer. As a buyer, your closing cost may comprise the following: brokerage, inspection fee, property taxes, property insurance, stamp duty, attorney fee, loan application fee, administrative charges, and prepayment charges.
- Down Payment: You are quite likely to be familiar with this term. A downpayment is what a buyer is expected to pay. Usually, down payment is a small percentage of the total amount of the property which you pay upfront.
- Escrow: In real estate terms, a third party responsible for holding funds is called an escrow. This is a contractual agreement between the buyer and seller to make sure that certain conditions are met before the money is released to the seller.
Estate - The degree, quantity, nature and extent of interest which a person has in real property. Estate in Reversion - The residue of an estate left for the grantor, to commence in possession after the termination of some particular estate granted by the grantor.
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- Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change throughout the loan’s lifetime.
- Agent: A real estate professional that is legally licensed to buy and sell property on behalf of their clients. An agent cannot operate independently, they must work under a licensed broker.
- Amortization: The process of gradually reducing mortgage loan debt over time by establishing scheduled monthly payments. The interest payment of an amortized loan will decrease as time goes on, while the principal payment will increase.
Mar 20, 2023 · 78 Real Estate Terms and Expressions You Should Know. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy.
Discover our extensive Lexicon of Real Estate Terms featuring over 4,500 definitions. Perfect for home buyers, sellers, real estate professionals, investors, and students. Easily navigate key concepts from appraisal to zoning, and enhance your understanding of modern real estate language today!
