February 29, 2024
13 Common Real Estate Terms You Should Know

absolutvision 82tpeld0 e4 unsplash

 

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.

Spread the love

Leave a Reply