07/31/2023
1. Appraisal: An evaluation of a property's value conducted by a certified appraiser to determine its market worth.
2. Closing Costs: Expenses incurred by the buyer and seller during the property transfer process, such as taxes, title insurance, and attorney fees.
3. Contingency: A condition or requirement that must be met before a real estate contract becomes legally binding. Common contingencies include home inspections and mortgage approval.
4. Equity: The difference between the current market value of a property and the outstanding mortgage balance.
5. Escrow: A neutral third-party account that holds funds and important documents during a real estate transaction until all conditions are met.
6. Homeowners Association (HOA): A governing body that manages a residential community and sets rules and guidelines for property owners.
7. Multiple Listing Service (MLS): A database used by real estate agents to list and access available properties for sale.
8. Title: A legal document that proves ownership of a property.
9. Under Contract: When a buyer and seller have agreed on terms, and a contract is in the process of being executed.
10. Down Payment: The initial payment made by the buyer, expressed as a percentage of the property's purchase price.
Remember that real estate lingo can vary by region and local practices, but this glossary should give you a good starting point for understanding common terms in the real estate industry.
