Real Estate Dictionary This comprehensive dictionary provides you with important definitions for the industry's common and not-so-common terms, acronyms, and slang. Every person working in real estate or planning to buy or sell real estate can benefit by using this free real estate dictionary. The definitions are for general purposes only and should not be used for legal purposes. We disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information. Click on the links to view The Real Estate Dictionary Part #1 and Part #2
| Limit on the amount a rate or payment can increase in any one adjustment period. |
| Increase in the value of real estate between the time it was bought and the time it was sold. |
| Certificate of Eligibility: |
| Certificate provided by the Veterans Administration (VA), which verifies the veteran's eligibility to receive a VA loan. |
| Written changes to the plans or specifications defined in original construction documents, which the buyer makes after construction starts. Typically, these changes are in writing and are signed by the builder and buyer. |
| City-Wide Highway Traffic Pattern: |
| A map, plan or diagram displaying the passage of vehicles along routes of transportation. |
| A meeting where the sale of a property is finalized by the buyers and sellers signing certain documents to transfer the title of the property and paying closing costs. Also known as the Closing Day or Settlement. |
| Certain expenses (over and above the property price) incurred by both buyers and sellers when transferring ownership of real property. Typical closing costs may include: attorney's fees, a loan origination fee, various taxes, and an amount held in escrow, along with charges for obtaining title insurance and a survey as needed. The percentage of closing costs varies according to the area or jurisdiction. REALTORS® or lenders often provide estimates of closing costs to prospective home buyers. |
| The day specified in a real estate contract when the sale of a property is finalized by the buyers and sellers signing certain documents to transfer the title of the property and paying closing costs. Also known as the Settlement or Closing. |
| Conditions, typically revealed by a title search, that adversely affect the title to real estate. Clouds on title can interfere with the transfer of real estate because they generally cannot be removed except by court action, quitclaim deed or release. |
| Stands for competitive or comparative market analysis. |
| Unpaid debts turned over to a collection agency. The agency tries to get payment from the debtor. |
| A written offer or notification from a lender stating the terms under which it agrees to lend money to a home buyer. Also known as a Loan Commitment. |
| An interval, usually measured in minutes, for travel from one place to another. |
| Competitive Market Analysis (CMA): |
| A report comparing your property to others in your market that were recently sold. |
| A quantity of real estate settlement services considered to complete a real property purchase. |
| A purchase contract (offer to buy) submitted to the property seller that stipulates one or more requirements to be met before the purchaser is obligated to buy. |
| Individually owned units in a multi-unit structure. Stairs, sidewalks and hallways are common areas. |
| Short term funds used to pay for the building of a home. |
| A contract in which a seller agrees to sell and a buyer agrees to buy, under specific terms and conditions specified in writing and signed by both parties. Also known as an Agreement of Sale, Purchase Agreement or Sales Agreement according to location or jurisdiction. |
| One that agrees or contracts to furnish or supply specific materials or perform services at a specified price, especially for construction work or development of a property. |
| Stage of new construction between the time the final contract is signed by the builder, and the buyer, and the time the home is released for construction. |
| A loan that is not insured or guaranteed by the federal government, such as the Veterans Administration or the Federal Housing Administration. Also known as a Conventional Mortgage. |
| A loan that is not insured or guaranteed by the federal government, such as the Veterans Administration or the Federal Housing Administration. Also known as a Conventional Loan. |
| Rejection of an offer in written terms which a buyer or seller proposes a substitute offer to the contract terms. |
| Summary of a buyer's debt, borrowing and repayment history compiled by the credit-reporting agency. |
| A personal residence designed and built to meet the requirements of a particular customer. |
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Definitions are intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice.
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