A
This term refers to land and any buildings or structures on it. It includes things like houses, apartment buildings, offices, and stores.
Real Estate
Someone who is looking to purchase something, like a house or an apartment. When you buy something, you are the buyer.
Buyer
Is the money that a tenant pays regularly to a landlord to live in or use their property.
This is a large initial payment made when buying a property. It's a part of the property’s price that you pay upfront, and the rest is often covered by a mortgage.
Down Payment
This happens when a homeowner is unable to make their mortgage payments, and the lender takes back the property.
Foreclosure
Any piece of land or a building. It can be something as small as a tiny shop or as big as a huge shopping mall.
Property
Is the money paid to a real estate agent for their services, usually a percentage of the sale price of the property.
Commission
Is an expert estimate of how much a property is worth.
Appraisal
Is a special kind of bank loan that people use to buy a property. They pay it back over many years.
Mortgage
This is a mortgage with an interest rate that stays the same through the whole term of the loan which is either 15 or 30 years.
Fixed Mortgage Rate
This is a person whose job is to help people buy, sell, or rent properties. They know a lot about different houses and apartments.
Real Estate Agent
Someone who rents a place to live or work. If you live in an apartment, your family is the tenant
Tennant
These are annual taxes that property owners pay to the local government, based on the value of their property.
Property Taxes
Is a legal document that shows who owns a piece of property. It's like a certificate for owning land or a house.
Deed
Is a professional who looks at a property and decides how much it's worth. They check things like the size of the house, how old it is, and where it's located.
Appraiser
Someone who wants to sell something, like a house or a piece of land. When someone decides to move out of their house and wants someone else to buy it, they become the seller of that house.
Seller
Is the person or company that owns the property being rented out. They are responsible for maintaining the property and collecting rent.
Landlord
These are additional costs that buyers and sellers pay when a property is bought or sold, on top of the purchase price. It includes things like legal fees and taxes.
Closing Costs
This is when a third party holds onto money or a property until a certain condition is met, like all parts of a sale being complete.
Escrow
This is when experts check a house for problems before it is bought. They look for things like broken things, safety issues, or places that need repair.
Home Inspection
Is the final step in the process of buying a property. This is when the ownership of the house officially changes from the seller to the buyer.
Closing
Is a contract or agreement between the landlord and the tenant. It says how long the tenant can stay and how much they need to pay for rent.
Lease
Is how much a property is worth in the current market. It can change based on things like where the property is located and how big it is.
Market Value
Is the part of a property that you truly own. If you have a mortgage, your equity is the value of the property minus what you still owe on the mortgage.
Equity
Determine what types of buildings can be built in different parts of a town or city. For example, some areas are zoned for houses, and others might be for businesses or factories.
Zoning Laws