10 Real Estate Terms You Should Know

Here are some commonly used terms in real estate:

  1. Appraisal – The process of estimating the value of a property, usually for the purpose of buying or selling.
  2. Closing costs – The fees and expenses that must be paid at the time of the closing of a real estate transaction.
  3. Equity – The value of a property beyond any outstanding loans or debts on the property.
  4. Home inspection – An examination of a property by a licensed professional to assess the condition of the property and identify any potential problems.
  5. Listing – A property that is being marketed for sale.
  6. Mortgage – A loan used to purchase a property, secured by the property itself.
  7. Property tax – A tax imposed by a government on real estate, usually based on the assessed value of the property.
  8. Real estate agent – A licensed professional who represents buyers or sellers in real estate transactions.
  9. Title – The legal right to own and use a property.
  10. Zoning – Local regulations that dictate how property can be used and developed in a particular area.

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