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Writer's pictureShaun Summerville

Real Estate Terminology


  1. Appraisal: The process of estimating the value of a property.

  2. Closing Costs: The expenses associated with the transfer of property ownership, including fees for attorneys, title search and insurance, and taxes.

  3. Equity: The difference between the current market value of a property and the outstanding mortgage balance.

  4. Homeowner’s Association (HOA): An organization that sets and enforces rules for a community, and manages common areas and amenities.

  5. Mortgage: A loan used to purchase a property, with the property serving as collateral.

  6. Pre-Approval: The process of obtaining a lender's commitment to provide a mortgage loan, based on a preliminary review of the borrower's credit, income, and assets.

  7. Title: The legal right to own and use a property, as recognized by the government.

  8. Zoning: The government's regulation of the use of land, including restrictions on the type of structures that can be built and the activities that can take place on the property.

  9. Down payment: The initial payment made by a buyer, typically a percentage of the purchase price, towards the property.

  10. Escrow: The process of holding funds and documents related to a real estate transaction, and releasing them when all conditions have been met.



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