It’s pretty safe to say that most homebuyers jumped into the real estate market without understanding a lot of the lingo that went along with it – and maybe a few had to look up keywords so they felt better about the transaction.
The real estate industry has its own unique language! Feeling overwhelmed when first entering the home buying stages is completely normal. Whether you are jumping aboard the real estate market for the first time or have invested in it before, the glossary provided below will give you simple definitions to some of the frequently used real estate words and phrases.
To get you started, here are a few:
Appraisal: An estimated value of property from an analysis of facts about the property
Deed: A written document by which title to real estate is conveyed from one party to another
Lien: The liability of real estate as security for payment of a debt. Such liability may be created by contract – such as a mortgage – or by operation of law.
To check out the full alphabetized list to help set your confidence of home buying in motion, check out ALTA’s Home Closing 101 page here.