Real Estate Basics
This refers to a place where a person lives, often rented.
Apartments
This is a legal agreement where a tenant agrees to rent property from a landlord for a specific period.
Lease
A legal document that confirms ownership of a property.
Title
The total area of a building or home, measured in square feet.
Square Footage
This is a residential building designed for one family to live in.
Single-Family Home
This is the individual who rents or leases a property.
Tenant
This is the process where an agreement to rent or lease a property comes to an end.
Expire
This process checks for any legal claims or issues on a property title.
Title Search
This term refers to the total area around a house, including the yard.
Area
This is an apartment or unit owned as part of a larger building, where you own your specific unit.
Condominium
The person or entity that rents out property to a tenant.
Landlord
If a tenant doesn't pay rent, a landlord may do this to remove them from the property.
Evict
This type of fee is paid at the beginning of a mortgage or loan.
Origination Fee
This method uses random sampling for risk analysis in property valuation.
Monte Carlo Method
These are the costs required to finalize a real estate transaction, like agent fees and taxes.
Closing Costs
This describes a property that is fully furnished and move-in ready.
Furnished
A percentage of the property’s value that must be paid upfront when purchasing a home.
Payment
These costs include things like taxes, insurance, and home maintenance that are paid monthly.
Recurring Costs
This is the total boundary length of a property.
Perimeter
This is the difference between a property's market value and its purchase price over time.
Equity
A property that is not furnished and requires tenants to bring their own furniture.
Unfurnished
A loan taken out to purchase property, often involving interest.
Mortgage
A common term for insurance that protects homeowners against losses and damages to their property.
Insurance
This refers to the measure of space inside a building or object, often in cubic feet.
Volume
These are calculated and applied to homes and properties to fund local government services.
Property Tax