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​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.
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​​401 Hodges Street, Oriental, Nc 28571
​D: 973-222-8374 · O: 252-249-1001
​ Office is Independently Owned and Operated
​Patty Lisa, NC Broker
​United Real Estate East Carolina
NC License #333262
This information provided is deemed accurate, but subject to errors, omissions, price changes, prior sale or withdrawal. Capital To Coast with Patty Lisa does not guarantee or is anyway responsible for the accuracy or is anyway responsible for accuracy or completeness of information, and provides said information without warranties of any kind.  Please verify all facts with the affiliate.
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  • Home
  • About Patty
    • About
    • Testimonials
    • Contact
  • Sellers
  • Buyers
  • Services- Helpful Links
  • Blog
  • Making Your Move Easier
    • Making Your Move Easy
    • Key Terms and Definitions