The Home Buyers and Sellers Guide To Real Estate Terms
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Real Estate Glossary: Top Most Terms Used
Absolute auction: A type of bidding where the property is sold to the highest bidder.
Absorption rate: It’s the amount of time it takes for several houses for sale in country near me.
Adjustable Rate Mortgage: This kind of loan has a low initial rate, which goes up when the loan is paid off.
Agent: It is someone who finds homes for people who want to buy a new home.
Appraisal: A report that estimates how much a property is worth.
Assessed Value: The value of a property that the local government sets for taxation purposes.
Assessment: You need to pay a fee so they can build things like sidewalks.
Balloon: A loan with a fixed and variable interest rate that increases over time.
Basement: The area of a building that is below ground level.
Bid: To offer to do something at an agreed price.
Binding Contract: A contract is an agreement between two or more people enforced by law.
Buyer’s Agent: An agent representing the buyer in a real estate purchase.
Buyer’s Market: The price of a house goes down when there are more buyers than sellers.
Closing: This is the last step in the buying process. This is when the buyer gets the deed and becomes the new owner.
Common law: This is a way of making laws based on customs and court decisions instead of rules.
Contract: An agreement between two or more parties that is legally binding.
Conveyancing: This is giving someone else the right to own a piece of property.
Deed: A piece of paper that changes who owns a piece of property from one person to another.
Easement: This is the right to use someone else’s land for a specific purpose, such as a right of way.
Escrow: It’s a way to make the seller get the money if they sell something before they give you that thing.
Eviction: Landlords and tenants can both evict someone from a property. This is done by following state laws.
Fair Market Value: It is the price that the seller and buyer agreed on.
Foreclosure: this is when people can’t pay their mortgage, and the bank takes their home back.
Freehold: This means that the person who owns a house can live there as long as they want.
Grantee: The person who receives a grant, such as the property transfer.
Grantor: The person who gives a grant, such as a property transfer.
Home Inspection: Before you buy a house, you have to have it checked out by a professional.
Homeowner’s Association: An HOA is a group of people who live near each other. They want to make sure everyone has an excellent place to live.
HOA Fees: Monthly or annual fees paid to the Homeowners’ Association.
Improvements: Changes made to a property that increase its value.
Inspection: A home inspection is a way to determine if a house is safe before moving in.
Joint Tenancy: It’s a way of owning a house if there are two or more owners. Each owner has a share, and all the owners own the house together. If one owner dies, the other owners must take care of the house.
Land Contract: A contract is a contract where the buyer pays over time and gets the property when it is delivered.
Lease: A lease gives someone the right to use the property for a specified time in exchange for money.
Lessor: The property owner who grants a tenant a lease.
Liability: Responsibility for damages or debts.
Lien: A legal claim on someone’s property, such as a mortgage or tax lien.
Listing Agreement: A written agreement between two people to help the house owner sell it.
Mediation: It is a way to settle arguments between people.
Mortgage: A mortgage is a loan used to buy a house or land. The property is used as a way to pay back the loan.
Mortgage Insurance: It is insurance that pays back a bank if you don’t pay your mortgage on time.
National Flood Insurance Program: The government pays people if their houses are flooded.
Offer: A proposal to buy property at a specific price.
Owner Financing: When a seller gives money to the buyer instead of the buyer getting a loan from a bank.
Owner’s Title Insurance Policy: It protects buyers if the home they want has problems.
Variance: A permit is a legal right to build something like a tall fence.
Zoning: Laws give us rules about how buildings can be used, such as for families or businesses.
Real estate glossaries are a great way to remember real estate terms. If you forget a word, look it up in a dictionary! For more information, see real estate brokers near me.
I have experience in the real estate market. Please contact me if you have any questions about selling or buying real estate. I want to make sure you make informed decisions when buying or selling a property. I hope this glossary is helpful! Visit my page or call me at (630) 391-0264 to get started!
Frequently Asked Questions
According to an adage, real estate’s three most important words are “location, location, location.”
Extention of Time Addendum, or ETA.
Income Planning for Debt Collection (COD)
The correct listing cost The key to a quick sale is that the seller may have to lower the property price.
Due diligence has been defined as “required carefulness” or “reasonable care.” So remember to run through the different risk aspects when purchasing a commercial property investment and decide if the risks and rewards are in alignment.
Real estate is property in the form of land, buildings, or other buildings. Title insurance guarantees the purchaser of real estate against loss from undiscovered defects in the title to property that has been purchased. Personal property is property other than real estate and property that is movable or separable.