As home buyers or sellers, being informed ahead of time will help you focus on what really matters during a Real Estate transaction. As your Realtor, I will be there to assist and guide you at all times. Here are 20 real estate terms that you will constantly hear in most real estate transactions.
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1. Property: A piece of land or real estate that includes any structures or improvements on it.
2. Listing: A property that is available for sale or rent and is represented by a real estate agent or broker.
3. Buyer: The individual or entity purchasing a property.
4. Seller: The individual or entity selling a property.
5. Agent: A licensed professional who represents buyers or sellers in real estate transactions.
6. Broker: A real estate professional who has additional education and experience, and may oversee other agents.
7. Mortgage: A loan provided by a lender to finance the purchase of a property.
8. Down payment (also EDM Earnest Deposit Money): The initial payment made by the buyer toward the purchase price of a property.
9. Closing: The final step in a real estate transaction when the property ownership is transferred from the seller to the buyer.
10. Appraisal: An assessment of the value of a property conducted by a licensed appraiser.
11. Home inspection: An examination of a property’s condition and systems conducted by a professional inspector.
12. Title: The legal document proving ownership of a property.
13. Deed: A legal document that transfers ownership of a property from the seller to the buyer.
14. Escrow: A neutral third-party account where funds are held during the real estate transaction until all conditions are met.
15. Condominium (Condo): A type of housing where individual units are owned by residents, and common areas are shared.
16. Homeowners Association (HOA): A governing body that sets and enforces rules for a community or development, typically in a condominium or planned community.
17. Foreclosure: The process by which a lender takes possession of a property from a borrower who has defaulted on their mortgage payments.
18. Market value: The estimated worth of a property based on current market conditions and comparable sales.
19. Appreciation: The increase in the value of a property over time.
20. Rental income: The revenue generated from renting out a property to tenants.
These are just a few examples, but the world of real estate has a vast range of terminology. Feel free to ask me if you have any specific terms you’d like to know more about!