A Through Z Real Estate Terms That Every Buyer Should Know

A Through Z Real Estate Terms That Every Buyer Should Know


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


Title: The legal ownership of real property


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


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


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


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

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: May 30th 2017
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