Home Buyers and Sellers Real Estate Glossary (Your Complete Guide)

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.