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GLOSSARY
A glossary of real estate terms and definitions
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RESOURCES
GLOSSARY OF TERMS
General Real Estate Terms
A professional assessment of a property’s market value, usually required for a mortgage.
The final step in a real estate transaction where ownership is transferred from seller to buyer.
Fees paid at closing, including loan origination, title insurance, and escrow fees.
A condition in a contract that must be met for the sale to proceed (e.g., financing or inspection).
A legal document that transfers property ownership from one party to another.
Buying & Selling Terms
A report comparing similar properties to determine a home’s value.
A deposit made by the buyer to show commitment to purchasing the property.
The real estate agent representing the seller.
The real estate agent representing the buyer.
A database used by agents to list and search for properties.
Renting & Leasing Terms
A contract outlining rental terms between landlord and tenant.
A refundable payment to cover potential damages or unpaid rent.
A lease agreement with an option to buy the property later.
When a tenant rents out their leased property to another person.
A rental agreement that renews monthly with no long-term commitment.