YOUR REAL ESTATE GLOSSARY
Whether you're looking to buy, sell, or invest, real estate terminology can sound like a whole new language. Feel confident when moving forward in your real estate process and familiarize yourself with the terms below.
- APPRAISER: Estimates the market value of the home for the bank or lender.
- DOWNPAYMENT: The non-financed portion of the purchase price that a buyer pays.
- ESCROW: Independent neutral third party by which the interests of all parties to the transaction are protected. Escrow will hold earnest money, prepare closing documents, and schedule for signing.
- LENDER/UNDERWRITER: Reviews documents from Loan Officer and gives final loan approval.
- LOAN OFFICER: Walks you through loan options, gathers documents, takes formal loan application.
- INSPECTOR: Evaluates the property for potential issues and provides a report detailing their recommendations - the buyer typically pays for an inspection when an inspection is conducted.
- TITLE: Protects homeowner against loss or damage occurring from liens, encumbrances, or defects in title or actual ownership of the property.