GLOSSARY

  • A Real Estate glossary is a collection of terms related to real estate transactions, such as titles, mortgages, deeds, and leases.
    Here are some common terms you may come across when buying or selling real estate:

  • Appraisal

    An opinion of the value of a property at a given point in time.

  • Appraisal fee

    The fee that an appraiser charges to estimate the market value of the property.

  • Appraisal report

    A detailed written report on the value of a property based on recent sales of comparable sites in the area.

  • Appraised value

    An opinion of the current market value of a property.

  • Appreciation

    An increase in the value of a home or other property..

  • Assumption fee

    A fee the lender charges to process new records for a buyer who assumes an existing loan.

  • Closing costs: Expenses related to the transfer of a property title, such as attorney’s fees, taxes, and loan origination fees.

  • Deed: A legal document that transfers title to a property from the seller to the buyer.

  • Escrow: An account held by a third party in which funds are deposited to be used for the purchase of a property.

  • Mortgage: A loan taken out to purchase a property.

  • Title: A document that establishes the legal ownership of a property.

  • Zoning: Local regulations that determine what type of structures can be built on a property.