Appraisal – The valuation of a property performed by an appraiser.
Closing Costs – Fees associated with the purchase of a property, including legal fees, title insurance, and other expenses.
Commission – A fee paid to a real estate agent or broker for their services in buying or selling a property.
Deed – A legal document that transfers ownership of a property from one party to another.
Equity – The difference between the current value of a property and the amount still owed on the mortgage.
Home Inspection – An assessment of a property’s condition, including its electrical, plumbing, and structural systems.
Interest Rate – The percentage of the loan amount that a borrower pays in interest over the life of the loan.
Listing – A property that is listed for sale by a real estate agent or broker.
Mortgage – A loan used to purchase a property, which is secured by the property itself.
Property Taxes – Taxes paid to local government based on the assessed value of a property.
Real Estate Agent – A licensed professional who helps clients buy or sell properties.
Title – The legal right to own a property.
Zoning – Local laws that regulate the use of land, including what types of buildings can be constructed and how they can be used.
Author: Mr.Oz
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