Glossary


Seller’s Agent
Works solely on behalf of the seller to promote the interest of the seller with the utmost god faith, loyalty, and fidelity

Buyer’s Agent
Works solely on behalf of the buyer to promote the interest of the buyer with the utmost god faith, loyalty, and fidelity Transaction Broker – assists the buyer and seller

APR
Annual Percentage Rate. The yearly interest percentage of a loan as expressed by the actual rate of interest paid

Appraisal
An estimate of value of the property based on its condition and selling prices of comparable homes that were sold in the area

Closing
Conclusion of a real estate transaction, during which all agreements are finalized, documents are signed, funds are disbursed, and title is given to the buyer

Earnest Money
Money that is paid to confirm a contract

Foreclosure
When property is taken due to failure to pay mortgage payments

Lease
An agreement outlining the terms under which one party agrees to rent property from another party

Mortgage
A loan used to purchase a home

Quit Claim Deed
Legal document for transferring any ownership claim, right, interest, or title a grantor may have in a property to the grantee

REALTOR®
Member of the National Association of Realtors

REO Property
Real estate owned. This is a property that is owned by a bank

Short Sale
Selling a home for less than the amount the current owner owes the mortgage company

Tenant
An individual who holds possession of real estate under a lease

Title
The right of ownership of property that may have been acquired through purchase, inheritance, or gift

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