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- A concrete point at which buying a home makes more financial sense than renting one.
www.zillow.com › learn › real-estate-terms-home78 Real Estate Terms and Expressions You Should Know | Zillow
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
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.
- 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.
Oct 19, 2022 · This article will explore the most common real estate terms you’ll read in a contract. We’ll make everything clear so that when you’re ready to buy or sell a home, you’ll be confident about these terminologies.
Real Estate. Understanding real estate terms starts with learning the definition of real estate, which is the physical land at, above, and below the earth’s surface, including all structures.
Paul Esajian. The real estate industry is notorious for its use of niche-specific lingo and acronyms. If you’re buying a home for the first time or are just beginning your investing career, you’ll likely encounter real estate terminology that you’ve never heard of before.
Real Estate Terminology for Home Buyers. Learn the key terminology--and, in some cases, jargon--involved in buying a house. By Ilona Bray, J.D. · University of Washington School of Law. Why Trust Us? Fact-Checked. Here are some common real estate terms to know when getting ready to buy a home. Acceptance.
