Real Estate Glossary

Whether you are a first time homebuyer or a seasoned veteran, it is important to become familiar with common real estate terms before you start your home buying process.

Agent A person authorized to act on behalf of another.
Appraisal A statement of value or estimation of the value of a property conducted by a third party person.
Assessment The official valuation placed on a property for taxation or public improvements.
Buyer's Agent: A real estate broker who represents a prospective purchaser in a real estate transaction.
Comparable Market Analysis (CMA) A study of recently sold homes, properties that were withdrawn from the market, and currently listed properties that are similar to another home in terms of price, location, style and amenities.
Closing All parties to a transaction conclude their details and transfer ownership of a house.
Contingencies Conditions specified in purchase contract, such as a satisfactory home.
Earnest Money A sum of money put up by a prospective buyer as evidence of intention when offering on real estate.
FSBO A property on the market not listed by a real estate broker but instead is For Sale By Owner.
Foreclosure Property A property in the legal process of the lender terminating the owner's right to it that was pledged as security for a debt.
Multiple Listing Service (MLS) A system by which a number of real estate firms share information about homes that are for sale.
Principal A main party in a real estate transaction such as a buyer, seller, owner, etc.
Property Tax A government tax on privately owned property based on its market value.
Recording The filing of a real estate transaction with the government. A transaction is considered final when it is recorded.
Title A specific document which serves as proof of ownership.
Title Company A corporation whose primary function is to insure titles to real estate.
Warranty An affidavit given to specify the condition of a property.