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Real Estate
Glossary

GLEN EAGLE
GOLF COURSE

Everyday Real Estate jargon you will find help
during your Real Estate journey

Affidavit
a statement a buyer or a seller signs to state that certain information is accurate such as the seller signing to ensure that he or she is the property owner

Appreciation
an increase in a property’s value

Asking Price
the property’s price that is stated by the seller

Assessed Value
the value of the property that is decided by an assessor and/or public official

Asset
an item with a value that is measurable

Back on Market: when the real estate is put on the market again after it was removed for a temporary period of time

Building Code
a regulation that covers a building’s design, construction, and materials with safety standards

Capital Expenditure
an improvement to a property that has a life of one year or more than one year and can increase the property’s value

Certificate of Occupancy
a document provided by an agency that indicate a property abides by local codes, ordinances, and regulations

Clear Title
a property title that lacks defects; it indicates a property can be marketed

Closing Costs
the costs, including title insurance, legal fees, and a survey, to finish transferring a property’s ownership

Commission
the money that is given to a real estate agent for his or her association with selling the property

Commission Split
the percentage of the commission that is divided between a brokerage and the agent or broker for the transaction

Comparative Market Analysis
a method to evaluate a property by comparing it to similar homes in the area that were recently sold or have been recently offered for sale

Counter Offer
a new offer based on factors like price and terms that is a response to an offer that was not accepted

Days on Market
the total number of days a property has been available for sale on the market

Deed
a document that indicates the owner of a property, along with factors including the current owners’ signatures and a description of the property

Depreciation
a decrease in a property’s value

Equity
the property owner’s interest in his or her property

Escrow
a process in which a third party takes care of funds and documents for a buyer and/or seller

Estate
a person’s ownership interest in a real property

Fair Market Value
a property’s price based on a buyer and seller both having an understanding of the real estate market and similar properties

Firm Price
an asking price that cannot be negotiated

Ground Lease
the lease of land is that vacant

Home Inspection
an inspection of the property to check for factors like the quality and safety of the property

Lien
a legal claim of ownership on a home’s title and a security for money owed

List Price
a real estate property’s price that is made via a listing agreement

Listing Agent
an agent who is representing a seller for the transaction of property

Listing Appointment
a meeting in which a sales agent talks to the potential buyers of a proper to make a listing agreement

Market Value
an amount that a buyer would be willing to pay for the property and an estimated price based on the real estate market

Mitigation
alterations and improvements to a property

Offer
a proposal to buy a property with a certain price and on certain terms

Offer Accepted
when a property owner agrees to and accepts a purchaser’s offer and terms

Open House
the time in which a property is available for interested buyers to view

Ordinance
a law by a local government

Preview Appointment
a time in which the agent alone checks the property to decide if it qualifies based on the buyer’s needs

Property Survey
a survey to understand a property’s boundaries

Purchase Offer
the document that indicates another’s offer to buy a property

Sales Contract
a contract between the buyer and seller of a property that provides details such as what a purchase consists of and the closing costs for the property

Seller’s Market
a situation in which there are more buyers than there are sellers in the market

Staging
placing furniture and accessories within a house to prepare it for a sale

Temporarily off Market
a small time period in which a real estate property has been removed from the market

Title
the evidence that shows the legal right of a person to own a property

Title Defect
an outstanding claim on the property that is restricting its sale or the ability to be marketed

Transfer Taxes
the state and/or local taxes toward transferring a property
Under Contract: a real estate property that currently has been accepted in a contract by a seller and a buyer

Walk-through
the last property inspection to make sure items in a purchase agreement, like repairs and property electrical systems, are working properly

Zoning Laws
the local laws that regulate how a land is used in certain zones with factors that include the size of a lot and the way a building is used