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