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Mar 20, 2023 · When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Keep this guide handy — you'll be fluent in the language of home buying before you know it.
Nov 13, 2023 · Even if you know every one of the 136 real estate terms on this list and how to use them, your clients expect you to be their interpreter. This comprehensive list of real estate definitions will help you ensure you’re communicating with clients effectively.
- Adjustable-rate mortgage (ARM) With ARM loans, interest rates can change after an initial fixed rate period as they adjust based on the interest rate index the ARM is tied to (e.g., LIBOR, COFI, etc.).
- Appraisal. An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property.
- Appraisal contingency. An appraisal contingency is a clause that allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price.
- As-is. A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.
Estate - The degree, quantity, nature and extent of interest which a person has in real property. Estate in Reversion - The residue of an estate left for the grantor, to commence in possession after the termination of some particular estate granted by the grantor.
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- Appraisal: An appraisal helps the lender to assess the actual worth of a home. This is important from the lender’s point of view to make sure that the loan amount requested by the borrower is accurate.
- Closing Cost: A lot of buyers are not aware of the closing cost. Closing here refers to the transfer of title from the seller to the buyer. As a buyer, your closing cost may comprise the following: brokerage, inspection fee, property taxes, property insurance, stamp duty, attorney fee, loan application fee, administrative charges, and prepayment charges.
- Down Payment: You are quite likely to be familiar with this term. A downpayment is what a buyer is expected to pay. Usually, down payment is a small percentage of the total amount of the property which you pay upfront.
- Escrow: In real estate terms, a third party responsible for holding funds is called an escrow. This is a contractual agreement between the buyer and seller to make sure that certain conditions are met before the money is released to the seller.
Jun 15, 2021 · The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
Vendor bids, caveats, LVI and LMI got you confused? From appraisal to unconditional, here’s your complete guide to real estate terms explained.
