Below are key terms and their descriptions used by real estate sales agents. These will help you navigate your way through the real estate sales process.
A-frame houses feature steeply-angled sides that usually begin at or near the foundation line and meet at the top, creating a home that looks like the letter A.
Also known as: a frame houses, timber frame house plans, steel frame house, a frame house designs, timber frame house, a frame house plans, timber frame house kits, a frame house kits, timber frame houses, how to frame a house, framing a house, timber framed houses
annual percentage rate (APR)
This is a value created according to a government formula. Its purpose is to reflect the true annual cost of borrowing in the form of a percentage.
Also known as: annual percentage rate credit card, apr calculator, annual percentage yield calculator, mortgage rates today, apr rates, effective annual rate formula, what are interest rates
This is the form used to apply for a mortgage loan. In contains information regarding a borrower’s income, assets, debts, savings, etc.
Also known as: application manager, application form, application software, common application, printable applications, online applications
This is a written justification regarding the price paid for a piece of property. It is mainly based on an analysis of similar pieces of property that are nearby.
Also known as: home appraisal, appraiser, property appraisal, appraisal management companies, free home appraisal, home appraisal cost, house appraisal estimate, home appraisal calculator, appraisal management company
A beach home is a home designed for the beach. Typically beach homes are a form of a vacation home rather than a permanent residence.
Also known as: beach homes for rent, beach home rentals, beach homes for sale, beach rental homes, luxury beach homes
bill of sale
This is a written document that transfers the title to personal property.
Most realtors are agents who work under a broker. However, some agents are brokers as well. A broker is a person who acts as an agent by bringing together two parties for any type of transaction. The broker earns a fee for doing so.
Also known as: mortgage broker, stock broker, brokers, online broker, brokerage, commodity broker, best broker, broker comparison, real estate broker, direct access broker, online brokers, discount stock brokers, cheapest online broker
Reminiscent of homes on alpine ski slopes, chalet style homes are rustic homes based on Swiss alpine cottages. They have a rectangular shape, big lofts, large windows, and steep gabled roofs.
This is a title that is free of legal questions regarding ownership of the property. It is also free of liens.
Also known as: clear title loans, salvage title, title company, title companies, clear title company
This is a reference to the meeting where all documents are signed regarding the sell or purchase of a property and money changes hands.
Also known as: closing costs, closing a sale, closings, escrow, closing sales
This is land or buildings that are used for the purpose of generating a profit. Commercial property includes medical centers, office buildings, industrial property, retail stores, shopping centers, warehouses, farm land, multifamily housing buildings, etc.
Most real estate agents earn commissions for the work that they do. The commissions are paid out of the charges paid by either the seller or buyer in the purchase transaction.
This is a large property complex that is divided into individual units. Each unit is owned by an individual who has a form of property ownership that includes a fractional interest in the common areas of complex.
Also known as: condominiums for rent, condos for sale, new condominiums, condominium sale, new condominium, condos for rent
This an agreement in which a borrower receives something that is of value in exchange for a promise to repay the lender by a specified date.
Also known as: credit report, free credit score, credit history, annual credit report, credit report free, free credit check, credit bureaus, credit agency, check credit score, check credit, credit score free, credit ratings, free credit report, credit agencies, credit bureau, online credit report, free credit scores, credit report agencies
This is an amount owed to another person or institution.
Also known as: freedom debt, debt consolidation, debt relief, debt consolidation loans, credit card debt, debt consolidation programs, debt help, credit debt, debt relief, debt reduction
This is the legal document the conveys the title to a property.
Also known as: land deeds, real estate deed, quick claim deed, deeds of trust, warranty deed, quit deed, deed transfer form, deed forms, reconveyance deed
This is an item of value, money, or documents that are deposited with a third party to be delivered upon the fulfillment of a condition. An example would be earnest money is deposited in escrow and then delivered to the seller when the transaction is closed.
Also known as: escrow agent, escrow services, in escrow, escrow service, online escrow, escrow real estate, escrow agents
Green homes are built using a process that is environmentally responsible and resource-efficient throughout the building’s life-cycle. This “green” process includes design, construction, operation, maintenance, renovation, and demolition. The purpose of a “green” home is to reduce the overall impact of the home on the human health and natural environment.
Also known as: prefab green homes, green home design, green home building, green homes plans,, building a green home, green modular homes, green home products, green home construction, green home designs, green home plans, green home floor plans, affordable green homes
home equity line of credit
This is a mortgage loan that allows the borrower to obtain cash that is drawn against the equity of his home. There is usually a predetermined amount of money that can be obtained from a home equity line of credit.
Also known as: home equity lines of credit, home equity line of credit rate, home equity line of credit bad credit, home equity line of credit loans, home equity line credit, home equity line of credit calculator, home equity line, home equity line of credit rates, home equity lines, home equity line of credits, equity line of credit, home equity loan, equity line of credit rate
This is a thorough inspection by a professional for the purpose of evaluating the structural and mechanical condition of a property.
Also known as: home inspection checklist, home inspection costs, home inspection list, cost of home inspection, home inspection cost, new home inspection, home inspection service
This is a term which, in real estate terms, refers to the institution making the loan to the buyer.
Also known as: private lenders, subprime lenders, subprime mortgage lenders, hard money lender, private money lenders, payday lenders, money lenders, loan lenders, private loan lenders, home lenders, home equity lender
This is a legal claim against a property. A lien must be paid off when the property is sold.
Also known as: lien release, property lien, definition lien, liens, real estate lien, lien on property, lien waiver
line of credit
This is an agreement by a financial institution to extend a certain amount of credit for a specified time to a borrower.
Also known as: personal line of credit, business line of credit, line of credit calculator, lines of credit, home equity line of credit, line of credit loans, line of credit rates, business lines of credit, equity line of credit, line of credit loan, unsecured personal line of credit, commercial line of credit, equity lines of credit
This is a sum of borrowed money, also called principal, that is typically repaid with interest.
Also known as: debt consolidation loan, loans, loan rates, personal loan, personal loans, financial loans, loan calculator, unsecured loan, loan amortization
These are constructed of pre-made parts called modules that are transported from the factory to the building site.
power of attorney
This is a legal document that authorizes another individual to act on one’s behalf. A power of attorney can be limited in regard to authority or to a certain period of time. A power of attorney can also be granted complete authority.
Also known as: limited power of attorney, power attorney, power of attorney real estate, durable power of attorney form, special power of attorney form
This is the amount borrowed or remaining unpaid. The principal is the part of the monthly payment that actually reduces the remaining balance of a loan.
This is a written promise to repay a specified amount over a specified time period.
Also known as: promissory note form, free promissory note form, secured promissory note, loan promissory note, promissory note sample
These are properties that include lands, buildings, units, or rooms that are available for or being rented.
Also known as: private owners rental properties, rental properties management, rental property software, commercial rental properties, local rental properties
This is a style of house in which the floor levels are staggered. The main level of the house is halfway between the lower and upper floors. Usually the main level contains the normal living areas such as the living room, dining room, and kitchen. Two short sets of stairs connect the main level to the upper and lower levels. The upper level usually contains bedrooms and bathrooms while the lower level is the basement area and often has additional living areas that can include office space, a hobby area, a family room, laundry facilities, etc.
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Victorian homes are usually two story homes with steep roof pitches, turrets, and dormers. Typically a Victorian home has a large porch as well.