Glossary

An unbiased professional assessment of a property's market value, often required by lenders before approving a mortgage.

A licensed real estate agent who represents the interests of the buyer in a property transaction.

The final step in a real estate transaction when documents are signed, funds are exchanged, and ownership is transferred.

Fees associated with finalizing a property purchase, including loan fees, title insurance, attorney fees, and taxes.

A report prepared by an agent to estimate a property's value based on recent sales of similar properties in the area.

A condition that must be met before a contract becomes legally binding — such as a home inspection or financing approval.

The initial upfront portion of the purchase price paid by the buyer, usually expressed as a percentage.

A financial arrangement where a third party holds and regulates funds or documents until the transaction conditions are met.

The difference between the current market value of a property and the amount still owed on the mortgage.

A government-backed mortgage insured by the Federal Housing Administration, often used by first-time buyers.

A home loan with an interest rate that remains the same for the entire term of the loan.

A thorough examination of a property's condition conducted by a certified inspector before purchase.

An organization in a residential community that enforces rules and manages shared amenities and fees.

The real estate agent representing the seller in a property transaction.

A database used by real estate professionals to share property listings and match buyers with homes.

A formal proposal made by a buyer to purchase a home at a specified price and terms.

A lender's written commitment to provide a mortgage loan, based on the buyer’s creditworthiness and financials.

An estimate of how much a buyer may be eligible to borrow, based on self-reported financial information.

The amount of money borrowed to purchase a home, not including interest or other costs.

Assistance provided to individuals or families moving from one location to another, often involving property search and settling-in support.

A legal document in which the seller outlines known issues or defects with the property.

A property sale where the seller’s lender accepts a lower offer than the mortgage balance due to financial hardship.

Preparing a home for sale by enhancing its visual appeal with furniture, decor, and cleanliness to attract buyers.

Legal ownership of a property, documented and verified during the closing process.

Insurance protecting buyers and lenders against errors in the title or ownership disputes.

A property that has a signed purchase agreement but has not yet closed.

A mortgage loan available to eligible veterans, active service members, and their families, backed by the U.S. Department of Veterans Affairs.

A final property tour conducted by the buyer before closing to ensure the property is in agreed-upon condition.

Municipal or local regulations that govern how property in specific geographic zones can be used (residential, commercial, etc.).