Search results
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.
On 15 th August 2023, the National Trading Standards Estate & Letting Agency Team (NTSELAT) published revised guidance on terms used in property advertising for sales and lettings. This includes specific definitions for when terms like ‘new instruction’, ‘under offer’, ‘sale/let agreed’, ‘sold/let subject to contract’ should be ...
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.
- 225KB
- 26
- Conventional mortgage. A conventional mortgage is a loan not guaranteed or insured by the federal government. These borrowers usually make larger down payments (at least 20%), don’t require mortgage insurance, and are at a lower risk of defaulting on their home loan payment.
- Convertible ARM. A convertible adjustable rate mortgage (ARM) allows buyers to take advantage of low interest rates by receiving a loan at a “teaser” loan interest rate.
- Cost of funds index (COFI) A cost of funds index is an average of the regional interest expenses acquired by financial institutions. It’s used to calculate variable rate loans.
- Deed. A housing deed is the legal document transferring a title from the seller to the buyer. It must be a written document and is sometimes referred to as the vehicle of the property interest transfer.
- Absorption: Often reported as a property’s absorption rate, an absorption is the amount of units or inventory of a particular type of commercial property that was occupied in a given market within a specified time period (usually not exceeding one year).
- Addendum: An addendum in real estate is a piece of additional information covering certain circumstances of a transaction and it is often added to a form contract as an attachment before execution of the contract or during escrow.
- Adjustable-Rate Mortgage (ARM): ARM refers to an instrument that allows real property to be used as collateral for a promissory note, which must specify interest rates and how they are expected to change from time to time.
- Amortization: Amortization is a process of using regular payments or installments to pay off debts, for example, a mortgage, over an agreed period of time.
As a real estate agent, it’s crucial to have a firm grasp on industry-specific terminology to effectively navigate the world of prospecting, lead generation, and marketing. This real estate dictionary will help you better understand the language used in the real estate business – and familiarize you with key concepts and strategies ...
We’ve compiled an ever-growing list of 52 real estate terms you should know to help you better understand the process and plan your move. The following are the real estate terms we’ll explain (in the table of contents, we’ve grouped the terms by category, and we’ll explain them in alphabetical order below):
