Real estate is an exciting and ever-expanding industry that requires a lot of know-how to navigate. However, the industry also comes with its share of jargons and technical terminologies that can be incredibly confusing to beginners. As a real estate professional, understanding these terms is essential to making informed decisions. Therefore, we’ve compiled a comprehensive real estate glossary that you can reference whenever you need it.
An appraisal is an estimate of the value of a property. It is typically conducted by a licensed appraiser and is often used by banks and other lenders in determining the loan amount for a property.
These are fees charged during the closing of a property sale transaction. They include fees for services rendered such as title search, insurance, and appraisal.
Equity refers to the difference between the market value of a property and the outstanding mortgage balance. It represents the actual ownership interest of an individual in a property.
This is a document that lays out the terms and conditions for a real estate agent to represent the seller in the sale of a property. It typically includes details such as the commission rate, termination clause, and compensation.
A title search is a review of public records to establish the chain of ownership for a property. It is done to ensure that the seller has the legal right to sell the property and to establish any outstanding liens on the property.
Navigating the real estate industry can be challenging, especially if you are not familiar with the terms and jargons used. However, with our real estate glossary, you can now have the knowledge you need to make informed decisions. Whether you are a real estate professional or a beginner in the industry, this comprehensive glossary is a must-have. It will help you understand the terminology used in real estate transactions so you can communicate more effectively and confidently. So next time you come across a real estate term you do not understand, feel free to reference our glossary and be a pro in no time.