Here are 50 commonly used real estate terms

These terms are commonly used in the real estate industry and understanding their meanings can help you navigate the process of buying, selling, or renting property more effectively.

1. Appraisal: An assessment of a property's value conducted by a professional appraiser.
2. Assessed value: The value assigned to a property by a tax assessor for tax purposes.
3. Buyer's agent: A real estate agent who represents the interests of the buyer in a real estate transaction.
4. Closing costs: Expenses incurred by the buyer and seller during the closing of a real estate transaction, such as loan fees, title insurance, and attorney fees.
5. Condominium: A type of housing where individuals own individual units within a larger building or complex and share ownership of common areas.
6. Contingency: A condition that must be met for a real estate contract to be binding, such as obtaining financing or a satisfactory home inspection.
7. Deed: A legal document that transfers ownership of a property from one party to another.
8. Down payment: The initial payment made by a buyer toward the purchase of a property, usually expressed as a percentage of the total purchase price.
9. Equity: The difference between the market value of a property and the outstanding balance of any mortgage or other debts secured against it.
10. Escrow: A neutral third-party account where funds and documents are held during a real estate transaction until all conditions are met.
11. Fixed-rate mortgage: A mortgage loan with an interest rate that remains constant throughout the entire term of the loan.
12. Foreclosure: The legal process by which a lender takes possession of a property due to the borrower's failure to make mortgage payments.
13. Home inspection: A professional assessment of a property's condition, typically conducted before a purchase to identify any potential issues or needed repairs.
14. Homeowners Association (HOA): An organization that sets and enforces rules and regulations for a community or condominium complex and collects fees from homeowners to cover common expenses.
15. Listing agent: A real estate agent who represents the seller in a real estate transaction.
16. Market value: The estimated price at which a property would sell in the current real estate market.
17. Mortgage: A loan secured by real estate, typically used to finance the purchase of a property.
18. Multiple listing service (MLS): A database that real estate agents use to list and find properties for sale.
19. Offer: A formal proposal by a buyer to purchase a property at a specified price and under specific terms and conditions.
20. Pre-approval: A lender's assessment of a borrower's creditworthiness to determine the maximum amount they can borrow.
21. Principal: The original amount of money borrowed in a loan, excluding interest.
22. Property taxes: Taxes assessed by local governments on real estate properties, usually based on the property's assessed value.
23. Real estate agent: A licensed professional who assists buyers and sellers in real estate transactions.
24. Real estate broker: A real estate agent who has obtained additional education and licensing to manage their own brokerage firm and oversee other agents.
25. Real estate investment trust (REIT): A company that owns, operates, or finances income-generating real estate and allows investors to buy shares of the company.
26. Title insurance: Insurance that protects the owner or lender against any claims or disputes over the property's title.
27. Title search: An examination of public records to ensure that the property's title is clear and can be transferred to a new owner.
28. Under contract: The status of a property when a seller has accepted an offer from a buyer but the transaction has not yet closed.
29. Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change periodically, typically based on an index such as the prime rate.
30. Amortization: The process of gradually paying off a loan over time through regular payments of principal and interest.
31. Buyer's market: A real estate market condition that favors buyers, with more properties available for sale than there are buyers.
32. Capital gains: The profit earned from selling a property or other investment, subject to taxation.
33. Comparative market analysis (CMA): A report prepared by a real estate agent that analyzes similar properties in the area to determine a fair market value for a property.
34. Conventional loan: A mortgage loan that is not insured or guaranteed by a government agency, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA).
35. Dual agency: When a real estate agent represents both the buyer and seller in a transaction, which may present potential conflicts of interest.
36. Earnest money: A deposit made by a buyer to show their intention to purchase a property, typically held in escrow until the closing.
37. Fair Housing Act: A federal law that prohibits discrimination in housing based on race, color, religion, sex, national origin, disability, or familial status.
38. Home equity loan: A loan that allows homeowners to borrow against the equity in their property, using it as collateral.
39. Homeowners insurance: Insurance that provides coverage for damage to a property and its contents, as well as liability protection for the homeowner.
40. Lease: A contractual agreement between a landlord and tenant that grants the tenant the right to occupy a property for a specified period in exchange for rent.
41. Lien: A legal claim on a property by a creditor to secure the repayment of a debt.
42. Open house: A scheduled period when a property is available for potential buyers to view without an appointment.
43. Prequalification: A lender's initial assessment of a borrower's creditworthiness to determine the approximate amount they may be eligible to borrow.
44. Rent-to-own: A lease agreement that includes an option for the tenant to purchase the property at a later date.
45. Seller's market: A real estate market condition that favors sellers, with more buyers competing for fewer available properties.
46. Short sale: A sale of a property for an amount less than the outstanding mortgage balance, with the lender's approval.
47. Survey: A measurement and mapping of a property's boundaries, structures, and other physical features.
48. Tenant: A person who rents or occupies a property from a landlord.
49. Title: The legal right to ownership of a property.
50. Zoning: Local government regulations that dictate how a property can be used, such as for residential, commercial, or industrial purposes.