A Through Z Real Estate Terms That Every Buyer Should Know

A Through Z Real Estate Terms That Every Buyer Should Know

A

Appraisal: Estimation of the market value comparable to the homes in the area that have sold by a licensed professional 


B

Backup: Secondary offer on a property that is under contract in case the first contract falls through


C

CMA: Comparative Market Analysis: comparison of prices of homes in the area 


D

Down Payment: Payment made up front towards purchase of a home


E

Escrow: Neutral 3rd party that holds funds of buyer and distributes when all terms have been met


F

FHA: Government agency that supplies loans to low to moderate income borrowers


G

Good Faith Estimate: Estimate of fees due at closing; provided by lender


H

HOA: Home Owners Association; Management organization for  a community that enforces rules for the properties within


I

Inspection: A qualified professional examines the property before the sale of the home


J

Judgement: A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor


K

Kick out Clause: it allows a seller to continue showing the house for sale and to "kick out" the buyer if the seller receives an offer from another buyer without a home sale contingency


L

Legal Description: A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony


M

MLS-Multiple listing Service: Data base for real estate agents to list and market for-sale homes


N

Net Proceeds: Amount received by the seller at closing after all costs have been deducted


O

Open House: Event hosted by listing agent to showcase home to potential buyers


P

Pre-approval Letter: Letter from a lender stating that the lender is willing to give a loan; Though this does not guarantee the loan


Q

Quit Claim Deed: Deed transferring property rights without any validation of ownership; normally used within the family


R

REO- Real estate owned property; repossessed property owned by by a lender 


S

Supra:Electronic lock box that realtors use and uses a specific application on the phone and fob


T

Title: The legal ownership of real property


U

Under Contract: When a buyer has an accepted offer, but has not yet closed


V

V.A. Loan: US government guarantees a loan for veterans and their spouses by a private lender


W

Walk Through: The act of walking through the property that is about to close to ensure everything is intact and coincides with contract


Z

Zero Lot Lines: Residence built very close to or directly on property line


Melanie Corbellini Headshot
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Phone: 561-702-5896
Dated: May 30th 2017
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