A – Appraisal
A valuation of a property. An appraisal is used to determine the value of a home for tax purposes as well as knowing the possible selling price.
B – Buyer
The person or persons who are purchasing a property.
C – Contract
A contract between the buyer and seller for the purchase of real estate property.
D – Deed
A legal document that is signed regarding the ownership of a property.
E – Equity
The difference between the value of a home and any debts owed on the property.
F – Fixed Rate
An unchanging rated on a mortgage. It is the final rate for the loan.
G – Gift
Voluntary transfer of a property or item to another person.
H – Home Inspection
Examination of the condition of a property.
I – Interest
Money paid regularly at a particular rate on a mortgage loan.
J – Joint Tenant
A person who owns property jointly with another person or persons.
K – Knee Wall
A short wall that supports rafters on a roof.
L – Lender
An organization or person who lends money. This is the person who handles things relating to a buyer’s loan.
M – Market
The market is a collection of all the sales of real estate in a particular area.
N – Negotiation
Discussion that takes place between the buyer’s agent and the seller’s agent to come to an agreement on the selling of a property.
O – Offer
A document that addresses the basic proposed terms and conditions between the buyer and seller in a real estate transaction.
P – Principal
Burrowed money which interest is paid on.
Q – Quiet Enjoyment
The right of a property owner to enjoy their property without interference.
R – REALTOR
A person who acts as an agent for the sale of buildings or land.
S – Seller
The person or persons who is selling real estate property.
T – Title Insurance
A way to protect a homeowner from financial loss and legal expenses in the event there is a defect in their title on their property.
U – Under Contract
When the buyer and seller all agree to terms in a real estate transaction, but the deal is still in the early stages and not completed.
V – Value
How much a property or land is worth.
W – Warranty
A written guarantee issued to the purchaser of a home promising repairs or replacement within a specific time frame.
X – Xylotomous
Insects that cut or eat wood. Primarily known as termites.
Y – Yard
An area of land that is adjacent to a building.
Z – Zoning
Refers to the local laws that regulate how property can or cannot be used. Areas can be zoned as commercial or residential areas.