Real estate has its own language. These are the terms you will hear most.
Common terms
- Appraisal: an independent estimate of a home’s value, usually required by lenders.
- Closing Disclosure: a document listing final loan terms and costs.
- Contingency: a condition that must be met for a contract to proceed.
- Escrow: funds or documents held by a neutral third party.
- HOA: homeowners association, which collects dues and sets community rules.
- Loan-to-value (LTV): the loan amount compared to the home’s value.
- Title insurance: protection against defects in a property’s ownership history.
- Wind mitigation: an inspection of features that can reduce insurance cost.
Missing something?
Ask me about any term, and I will add it here.
