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.