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Glossary of Real Estate Terms

Definitions of Common Real Estate Terms

Here are some common real estate terms that you will want to know when buying or selling a home!

Adjustable Rate Mortgage –

Amortization Schedule –

Amortization Term –

Annual Percentage Rate –

Appraisal –

Appraised Value –

Appreciation –

Assessment –

Association Fee –

Assumable Mortgage –

Balloon Mortgage –

Bedroom Community – A term for towns or communities where people live and sleep, but that they work elsewhere. These are otherwise referred to as commuter towns because the majority of the residents commute to other places for work.

Bidding War –

Bridge Loan –

Broker-associate –

Buyer’s Agent – The real estate agent or broker representing the buyer and is responsible for protecting their best interests and to whom they owe a fiduciary responsibility.

Cash-out Refinance –

Certificate of Title –

Clear Title –

Closing –

Closing Cost Items –

Closing Costs –

Closing Statement –

Commission –

Commitment Letter –

Common Areas –

Loan Officer – Also known as a mortgage broker, this is someone that assists customers in obtaining home loans or with refinancing of home loans.

Seller’s Agent – The real estate agent or broker representing the seller and that is charged with protecting their best interests and to whom they owe a fiduciary responsibility.

Seller’s Market – A condition in a real estate market where there are more buyers for homes than available properties, creating competition for homes.

Site Agent – The real estate agents that are on site at new construction developments to represent the developer.