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Real Estate Glossary

Becky Shaible

Becky has a wide range of experience including retail management, accounts management and marketing...

Becky has a wide range of experience including retail management, accounts management and marketing...

Sep 23 2 minutes read
Appraisal

An estimation of a home's market value by a licensed appraiser based on comparable recent sales nearby homes.

Buyer's Agent

The agent representing the buyer throughout the process that helps negotiate terms on the buyer's behalf.

Closing

A meeting where the sale of property is finalized. Buyers and sellers sign the final documents and funds are exchanged.

Down Payment

The percentage of the home purchased price that is paid upfront in cash.

Earnest Money

An amount of money that a buyer pays as a deposit when your offer has been accepted by the seller.

FHA

Federal Housing Administration; the government agency that insures loans designed for low-to-moderate income borrowers

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Good Faith Estimate

A forms used by lenders to give to borrowers with an estimate of fees due at closing. 

HUD Home

U.S. Department of Housing and Urban Development (HUD) property that is a one-to-four unit single family residence acquired as a result of a foreclosure on a FHA-insured mortgage.

Inspection

An examination of a property and its systems performed by a qualified professional, usually before the sale of a home.

Jumbo Mortgage

A mortgage that exceeds the conforming-loan-limit, commonly used for luxury home purchases.

Key Rate

An interest rate set by the federal government that determines the cost to borrow money.

Listing Agent

The agent who represents the seller in the home-buying process. They negotiate terms on the seller's behalf.

Multiple Listing Service

A database for real estate agents to list and market for-sale homes.

Net Proceed

The amount received by the seller at closing after all other costs have been deducted.

Open House

An event hosted by the listing agent to showcase a home to potential buyers.

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Pre-Approved Letter

A letter indicating that a lender is willing to loan a specific amount of money for a home purchase; pre-approval does not guarantee a loan.

Quitclaim Deed

A deed that transfers property rights without any validation of ownership, typically used between spouses and family members.

REO

Real Estate Owned Property; a repossessed property owned by a lender after an unsuccessful sale at auction.

Seller Disclosure

A document completed by the seller disclosing the property's history and defects.

Title

The right to ownership of real property recognized and protected by law.

Under Contract

A buyer has submitted an offer and the seller has accepted but the closing is not final.

VA Loan

A mortgage loan for veterans and their spouses that is made by private lenders and guaranteed by the US Government.

Walkthrough

The final inspections conducted by the buyer and their agent before a home sale is final.

X-Marks the Spot

Where you sign for your dream home.

Yield-Spread Premium

The amount a lender pays a mortgage officer for selling a loan with a higher interest rate than the par rate.

Zoning

Public regulations that control the specific use of land.

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