Real Estate Glossary of Terms

July 11, 2023

If you’ve ever been involved in a real estate transaction, you know that the process comes with its own set of vocabulary and terminology. For first-time homebuyers it can be especially daunting. From understanding the intricacies of financing to deciphering legal documents, having a solid grasp of real estate terms is crucial. We’ve compiled a collection of commonly used real estate terms to help you navigate the complex landscape of property transactions with confidence and clarity.

Real Estate Terminology

Appraisal: An assessment of the value of a property conducted by a qualified appraiser.

Buyer’s Agent: A real estate agent who represents the interests of the buyer in a real estate transaction.

Closing Costs: The fees and expenses associated with the purchase or sale of a property, including taxes, insurance, and lender fees.

Credit Score: a numerical representation of an individual’s creditworthiness, evaluating their credit history and indicating the likelihood of repayment of debts. (Keeping an eye on your credit score; Getting Your Ducks in a Row for a Home Purchase)

Condominium (Condo): A type of housing where individuals own their individual units but share common areas and facilities with other unit owners.

Down Payment: The initial payment made by the buyer towards the purchase price of a property. It is typically a percentage of the total purchase price.

Escrow: A third-party account where funds and important documents are held during a real estate transaction until all conditions are met.

Fixed-Rate Mortgage: A mortgage loan with an interest rate that remains constant throughout the entire term of the loan.

Home Inspection: A professional assessment of a property’s condition, usually conducted by a certified home inspector, to identify any potential issues or defects. (More about inspections)

Listing Agent: A real estate agent who represents the interests of the seller in a real estate transaction.

Mortgage: A loan obtained from a financial institution to finance the purchase of a property. The property serves as collateral for the loan.

Multiple Listing Service (MLS): A database used by real estate agents to list and share information about properties available for sale.

Pre-approval: The process of getting a lender’s preliminary approval for a mortgage loan, based on an evaluation of the borrower’s creditworthiness.

Real Estate Agent: A licensed professional who represents buyers or sellers in real estate transactions.

Title: The legal ownership and right to possess a property.

Under Contract: A status indicating that a buyer and seller have reached an agreement on the terms and conditions of a real estate transaction.

Zoning: Government regulations that determine how a property can be used, such as residential, commercial, or industrial.

Assessed Value: The value assigned to a property by a government entity for the purpose of calculating property taxes.

Capital Gains: The profit realized from the sale of a property or investment, subject to taxation.

Homeowners Association (HOA): An organization in a residential community that establishes and enforces rules and regulations, and collects fees for the maintenance and management of common areas.

Title Insurance: Insurance that protects the property owner and lender against any claims or disputes over ownership of the property.

Wire Fraud: a fraudulent scheme where criminals deceive victims into wiring funds to fraudulent accounts, misrepresenting them as legitimate parties involved in a real estate transaction. (Avoiding Wire Fraud)

Need more help understanding real estate terms or ready to jump in head first? Contact us!

Recent Instagram Posts

🌸 Spring market update! 🌸

The market is starting soft with a bit more inventory than this time last year.

📌 Sellers: Expect longer days on market—price strategically from the start.
📌 Buyers: Now’s your chance to snag a deal!

Need guidance? I’ve got you covered. Let’s chat! 📩
...

8 1

We couldn’t find it, so we built it. 🔨✨

When my mom and I started Robbins Realty Group, we were searching for a brokerage that valued community over competition, had strong systems, real mentorship, and a culture of kindness and excellence. When we couldn’t find that perfect fit, we created it ourselves.

If you’re looking for a place that truly supports you and your business, let’s chat. RRG might be exactly what you’ve been searching for!
...

27 2

Holding hands 🤝, soaking up the sunshine ☀️, and enjoying the simple moments—with Milo 🐶 keeping us in check. Always grateful for time with @4mconstruction.💚 ...

49 1

✨ Classic charm meets modern updates in this West Linn gem! 🏡 Original fir floors, a refreshed kitchen & baths, and a cozy sunroom make this home shine. Plus, a private patio & landscaped yard for perfect outdoor living!

DM me with any questions!
...

26 2

St. Patrick’s Day might just be our favorite holiday! 🍀

At RRG, we can’t get enough of green—it’s in our branding, our marketing, and even our lucky mindset when it comes to helping clients win in real estate. But the real gold is this incredible group of ladies I get to work with every day. Feeling so lucky to be part of this team! 🌈 ✨ 💚

Missing @jdreit, @deanndyer, and @kellybradley_realestate!
...

45 2

If you’re asking this question, chances are... you probably do! 💡 The people who know their home is dialed in and ready to impress? They’re not asking.

That’s where I come in! I’ll walk through your home with you and help determine if your furniture enhances the space—or if it’s too big, too cluttered, or outdated. These small details can make a BIG impact on buyers!

The truth is, staged homes almost always get a higher return on investment than those that aren’t. If you’re selling, let’s make sure your home is putting its best foot forward. Send me a message, and let’s talk staging!
...

14 2

Have laptop, will work wherever! This little one room shack was so cute and was perfect for getting some work done by the wood stove while playing in the mountains with my family. ...

40 4

FOLLOW US

Stay up to date on news and listings that are coming soon!