Here are brief definitions of some common real estate terms:
Appraisal: An expert estimate of a property's value, typically conducted by a licensed appraiser.
Closing: The final step in a real estate transaction where ownership is transferred from the seller to the buyer.
Equity: The difference between the property's market value and the amount owed on the mortgage.
Mortgage: A loan specifically used to purchase real estate, where the property serves as collateral.
Title: Legal ownership of a property, often evidenced by a deed.
Escrow: A neutral third party holds funds or documents until all conditions of the sale are met.
Amortization: The process of paying off a mortgage through regular payments over time.
Listing: A property that is for sale, represented by a real estate agent.
Down Payment: The initial payment made by the buyer when purchasing a property, typically a percentage of the total price.
Foreclosure: The legal process by which a lender takes possession of a property due to the borrower's failure to make mortgage payments.
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