Here are some key real estate terms and their definitions for your reference:
1. Appraisal: An estimate of the value of a property made by a qualified appraiser.
2. Closing: The final stage of a real estate transaction where the title is transferred from the seller to the buyer.
3. Equity: The value of a property minus any outstanding mortgage or other debts.
4. Mortgage: A loan taken out to purchase a property, usually with the property itself serving as collateral for the loan.
5. Title: The legal document that proves ownership of a property.
6. Zoning: The regulatory scheme that dictates what types of structures can be built on a given parcel of land.
7. MLS (Multiple Listing Service): A database of properties for sale, created and maintained by real estate professionals.
8. PMI (Private Mortgage Insurance): Insurance required by lenders to protect against default on a mortgage loan.
9. Pre-approval: A lender's initial evaluation of a borrower's creditworthiness and ability to qualify for a mortgage.
10. Property tax: A tax assessed on the value of a property, paid by the owner on an annual basis.
11. Title insurance: An insurance policy purchased to protect the title holder against any ownership disputes or legal claims brought against the property.
12. Home inspection: A thorough examination of the physical condition of a property, usually conducted by a qualified inspector, prior to purchase.
13. Closing costs: The fees and expenses associated with closing a real estate transaction, including title insurance, property taxes, and other charges.
14. Down payment: The initial payment made by a buyer toward the purchase of a property, typically expressed as a percentage of the total purchase price.
15. Commission: The fee paid to a real estate agent or broker for their services in helping to buy or sell a property.