Affidavit: a statement a buyer or a seller signs to state that certain information is accurate such as the seller signing to ensure that he or she is the property owner
Appreciation: an increase in a property’s value
Asking Price: the property’s price that is stated by the seller
Assessed Value: the value of the property that is decided by an assessor and/or public official
Asset: an item with a value that is measurable
Back on Market: when the real estate is put on the market again after it was removed for a temporary period of time
Building Code: a regulation that covers a building’s design, construction, and materials with safety standards
Capital Expenditure: an improvement to a property that has a life of one year or more than one year and can increase the property’s value
Certificate of Occupancy: a document provided by an agency that indicate a property abides by local codes, ordinances, and regulations
Clear Title: a property title that lacks defects; it indicates a property can be marketed
Closing Costs: the costs, including title insurance, legal fees, and a survey, to finish transferring a property’s ownership
Commission: the money that is given to a real estate agent for his or her association with selling the property
Commission Split: the percentage of the commission that is divided between a brokerage and the agent or broker for the transaction
Comparative Market Analysis: a method to evaluate a property by comparing it to similar homes in the area that were recently sold or have been recently offered for sale
Counter Offer: a new offer based on factors like price and terms that is a response to an offer that was not accepted
Days on Market: the total number of days a property has been available for sale on the market
Deed: a document that indicates the owner of a property, along with factors including the current owners’ signatures and a description of the property
Depreciation: a decrease in a property’s value
Equity: the property owner’s interest in his or her property
Escrow: a process in which a third party takes care of funds and documents for a buyer and/or seller
Estate: a person’s ownership interest in a real property
Fair Market Value: a property’s price based on a buyer and seller both having an understanding of the real estate market and similar properties
Firm Price: an asking price that cannot be negotiated
Ground Lease: the lease of land is that vacant
Home Inspection: an inspection of the property to check for factors like the quality and safety of the property
Lien: a legal claim of ownership on a home’s title and a security for money owed
List Price: a real estate property’s price that is made via a listing agreement
Listing Agent: an agent who is representing a seller for the transaction of property
Listing Appointment: a meeting in which a sales agent talks to the potential buyers of a proper to make a listing agreement
Market Value: an amount that a buyer would be willing to pay for the property and an estimated price based on the real estate market
Mitigation: alterations and improvements to a property
Offer: a proposal to buy a property with a certain price and on certain terms
Offer Accepted: when a property owner agrees to and accepts a purchaser’s offer and terms
Open House: the time in which a property is available for interested buyers to view
Ordinance: a law by a local government
Preview Appointment: a time in which the agent alone checks the property to decide if it qualifies based on the buyer’s needs
Property Survey: a survey to understand a property’s boundaries
Purchase Offer: the document that indicates another’s offer to buy a property
Sales Contract: a contract between the buyer and seller of a property that provides details such as what a purchase consists of and the closing costs for the property
Seller’s Market: a situation in which there are more buyers than there are sellers in the market
Staging: placing furniture and accessories within a house to prepare it for a sale
Temporarily off Market: a small time period in which a real estate property has been removed from the market
Title: the evidence that shows the legal right of a person to own a property
Title Defect: an outstanding claim on the property that is restricting its sale or the ability to be marketed
Transfer Taxes: the state and/or local taxes toward transferring a property
Under Contract: a real estate property that currently has been accepted in a contract by a seller and a buyer
Walk-through: the last property inspection to make sure items in a purchase agreement, like repairs and property electrical systems, are working properly
Zoning Laws: the local laws that regulate how a land is used in certain zones with factors that include the size of a lot and the way a building is used