Real Estate Terms in Plain English
739 terms explained clearly. No jargon, no fluff — just what you need to know for buying, selling, and investing.
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A
📖Abandonment📖Abatement⚖️Abstract of Title📖Acceleration Clause🔑Acceptance🏘️Accessory Dwelling Unit💰Accrued Interest📖Acre📖Ad Valorem Tax📖Addendum💰Adjustable Rate Mortgage📖Adjusted Basis📖Adjustment Date📖Administrator📖Adverse Possession⚖️Affidavit of Title📖Agency📋Agent📖Agreement of Sale⚖️Air Rights⚖️Alienation Clause📖Allodial System📖Amenity💰Amortization📖Amortization Schedule💰Annual Percentage Rate🔑Appraisal🔑Appraised Value📖Appreciation📖Appurtenance📖Arbitration📋As-Is Condition📖Assessed Value📖Assessment📖Assessor📖Asset📖Assignment💰Assumable Mortgage💰Assumption of Mortgage📖Attic📖Attorney Opinion Letter📖Auction
B
🔑Backup Offer📖Balance Sheet💰Balloon Mortgage💰Balloon Payment📖Bankruptcy⚖️Bargain and Sale Deed📖Baseline📖Basis Point📖Bearing Wall📖Beneficiary📖Bilateral Contract📖Bill of Sale📖Binder💰Blanket Mortgage💰Blended Rate📖Blight🔑Blind Offer📖Block⚖️Blue Sky Laws📖Board of Realtors📖Bona Fide Purchaser📖Bond📖Breach of Contract💰Bridge Loan📋Broker📋Brokerage📖Brownfield📖Budget (HOA)⚖️Buffer Zone🔨Buildable Area🔨Building Code🔨Building Envelope🔨Building Inspector🔨Building Permit⚖️Bundle of Rights🔑Buydown🔑Buyer Agent🔑Buyer Broker Agreement🔑Buyers Market⚖️Bylaws
C
📈Capital Expenditure📈Capital Gain📈Capital Improvement📈Capitalization Rate📖Carrying Costs📈Cash Flow🔑Cash Offer💰Cash Out Refinance📖Cash Reserves📖Cash to Close📖Caveat Emptor🔨Certificate of Occupancy⚖️Certificate of Title⚖️Chain of Title🔨Change Order📖Chattel⚖️Clear Title🔑Closing📋Closing Agent💰Closing Costs🔑Closing Date📋Closing Disclosure🔑Closing Statement⚖️Cloud on Title💰Co-Borrower📖Co-Signer🔨Code Violation📖Collateral📋Commission📖Commitment Letter🏢Common Area💰Common Interest Development📖Community Property📋Comparable Sales📋Comparative Market Analysis📖Competent Party📋Competitive Market Analysis🔑Compliance Inspection💰Compound Interest📖Concession📖Condemnation🏘️Condominium📖Condominium Association💰Conforming Loan📖Consideration💰Construction Loan📖Contingency⚖️Contract for Deed💰Conventional Loan📖Conversion📖Conveyance🏘️Cooperative📖Cost Approach🔑Counteroffer📖County Records⚖️Covenant💰Credit Report💰Credit Score📖Cul-de-Sac📖Curable Defect📋Curb Appeal📋Current Market Value
D
📋Days on Market💰Debt Service📈Debt Service Coverage Ratio💰Debt to Income Ratio⚖️Declaration of Covenants📖Decree of Foreclosure📖Dedication⚖️Deed⚖️Deed in Lieu of Foreclosure⚖️Deed of Trust⚖️Deed Restriction📖Default📖Defeasance Clause📖Deferred Maintenance⚖️Deficiency Judgment📖Delinquency📖Demand Letter⚖️Density📖Deposit📖Depreciation📋Designated Agent📖Developer⚖️Development Rights📋Disclosure💰Discount Points📖Discount Rate📖Distressed Property📖Documentary Transfer Tax📖Dominant Tenement💰Down Payment📖Draw Period🔑Dry Closing📖Dual Agency📖Due Diligence📖Due on Sale Clause🏘️Duplex📖Dwelling
E
🔑Earnest Money⚖️Easement⚖️Easement by Necessity⚖️Easement by Prescription📖Economic Life📖Effective Age📖Effective Date📖Egress⚖️Eminent Domain⚖️Encroachment⚖️Encumbrance📖Endorsement📖Environmental Impact Statement📖Environmental Site Assessment💰Equal Credit Opportunity Act⚖️Equitable Title📈Equity💰Equity Loan📖Escalation Clause📖Escape Clause💰Escrow🔑Escrow Account📋Escrow Agent🔑Escrow Analysis🔑Escrow Disbursement📖Estate📖Estate at Will📖Estoppel Certificate📖Eviction📖Exception📋Exclusive Agency Listing📋Exclusive Right to Sell📖Executed Contract📖Executor📖Executory Contract📖Exemption📖Exit Strategy
F
⚖️Fair Housing Act📋Fair Market Value💰Fannie Mae📖Feasibility Study📖Federal Housing Administration⚖️Fee Simple📖Fee Simple Absolute📖Fee Simple Defeasible💰FHA Loan⚖️Fiduciary🔑Final Walk Through📖Financing Contingency📖Fire Insurance💰First Mortgage⚖️First Right of Refusal🔑First Time Home Buyer💰Fixed Rate Mortgage📖Fixer Upper📖Fixture📖Flag Lot📋Flat Fee Listing📋Flip📖Float📖Flood Certification📖Flood Insurance⚖️Flood Zone🏢Floor Area Ratio⚖️Floor Plan🔑For Sale by Owner💰Forbearance📖Force Majeure⚖️Foreclosure📖Forfeiture🔨Foundation💰Freddie Mac📖Freehold Estate📖Front Foot📖Frontage📖Functional Obsolescence💰Future Interest
G
📖Gable📖Gap Insurance📖Garden Apartment🔨General Contractor⚖️General Warranty Deed📖Gentrification📖Gift Letter📖Ginnie Mae📖Good Faith Estimate📖Government Survey System📖Grace Period💰Graduated Payment Mortgage📖Grant⚖️Grant Deed📖Grantee📖Grantor📈Gross Income🏢Gross Lease📖Gross Living Area🏢Gross Rent Multiplier🏢Ground Lease🏢Ground Rent💰Growing Equity Mortgage📖Guarantee📖Guarantor📖Guardian
H
📖Habitable📖Half Bath📖Handyman Special📖Hazard Insurance📖Highest and Best Use📖Historic District📖Hold Harmless Agreement📖Holdback📖Holding Period📈Home Equity💰Home Equity Line of Credit💰Home Equity Loan🔑Home Inspection🔑Home Warranty📖Homeowners Association📖Homeowners Insurance📖Homestead Exemption📈House Hack📖Housing Bubble📖Housing Starts📖HUD📖HUD Statement📖Hypothecation
I
📖Illiquid Asset📖Impact Fees📖Impound Account📖Improvement📖In Rem📈Income Approach📈Income Property📖Indemnification🔨Independent Contractor📖Index📖Inflation📖Ingress💰Initial Interest Rate🔑Inspection Contingency🔑Inspection Period📖Installment Sale📖Instrument⚖️Insurable Title📖Insurance Binder💰Interest💰Interest Only Mortgage💰Interest Rate💰Interest Rate Cap💰Interest Rate Lock📖Interim Financing📈Internal Rate of Return📖Interstate Land Sales📖Intestate📖Inverse Condemnation📈Investment Property⚖️Involuntary Lien
J
L
📖Land Contract🏢Land Lease📖Land Trust⚖️Land Use📖Landlocked Property🏢Landlord📖Latent Defect📖Lateral Support🏢Lease🏢Lease Option🏢Lease Purchase Agreement🏢Leasehold🏢Leasehold Estate⚖️Legal Description💰Lender💰Lenders Title Insurance📖Lessee📖Lessor📖Letter of Intent📈Leverage📖Levy📖Liability📖License⚖️Lien⚖️Lien Release⚖️Lien Waiver📖Life Estate📈Like Kind Exchange📖Limited Liability Company💰Line of Credit📖Liquidated Damages⚖️Lis Pendens📋Listing📋Listing Agent📋Listing Agreement📋Listing Price💰Loan Commitment💰Loan Estimate💰Loan Modification💰Loan Officer💰Loan Origination💰Loan Origination Fee💰Loan to Value Ratio📖Lock In Period📖Lot📖Lot Line🔑Low Ball Offer
M
📖Maintenance Fee🏘️Manufactured Home📖Margin📋Market Analysis📋Market Rent📋Market Value⚖️Marketable Title⚖️Master Deed⚖️Master Plan📖Material Defect📖Maturity Date⚖️Mechanic Lien📖Mediation📖Meeting of the Minds📖Metes and Bounds📖Mill Rate⚖️Mineral Rights🏘️Mixed Use Property📖Modification🏘️Modular Home💰Monthly Payment📖Moratorium💰Mortgage💰Mortgage Banker💰Mortgage Broker💰Mortgage Insurance💰Mortgage Insurance Premium💰Mortgage Interest Deduction💰Mortgage Note💰Mortgage Rate💰Mortgagee📖Mortgagor📈Multi Family Property📋Multiple Listing Service⚖️Municipal Lien
N
📖Negative Amortization📈Negative Cash Flow📈Negative Equity📖Negligence📈Net Income🏢Net Lease📋Net Listing📈Net Operating Income📖Net Worth💰No Cash Out Refinance💰No Closing Cost Mortgage💰Nominal Interest Rate💰Non Conforming Loan📖Non Conforming Use📋Non Disclosure Agreement📖Non Disturbance Clause💰Non Recourse Loan📖Notarization📖Notary Public📖Note📖Note Rate📖Notice of Default📖Notice to Quit📖Novation📖Nuisance
O
📖Obligee📖Obligor🏢Occupancy Rate📋Off Market Property🔑Offer🔑Offer to Purchase📋On Market🔑Open House📋Open Listing📖Operating Expenses📖Opinion of Value📖Option📖Option to Purchase⚖️Ordinance📖Original Principal Balance📖Origination Fee📖Outstanding Balance📖Over Improvement📖Overages📖Owner Financing📖Owner Occupied⚖️Owners Title Insurance
P
💰Package Mortgage📖Parcel🏢Partial Release📖Partition📖Party Wall📈Passive Income📖Payoff Amount📖Penalty Clause📖Pending Sale💰Per Diem Interest🏢Percentage Lease📖Percolation Test📖Performance Bond📖Periodic Tenancy💰Permanent Loan🔨Permit📖Personal Property📖Physical Depreciation📖PITI🏘️Planned Unit Development📖Plat📖Plat Map📋Pocket Listing📖Point of Beginning💰Points📖Police Power💰Portfolio Lender📖Possession📖Power of Attorney📖Power of Sale🔑Pre Approval🔑Pre Qualification💰Predatory Lending💰Prepaid Interest💰Prepayment Penalty📖Price Per Square Foot📖Primary Residence📖Principal📖Principal Balance💰Private Mortgage Insurance⚖️Probate📖Procuring Cause📖Profit and Loss Statement📖Promissory Note📖Property Line📖Property Management📖Property Manager📖Property Tax📖Proration📖Prospectus📖Protected Class📖Public Record🔨Punch List🔑Purchase Agreement💰Purchase Money Mortgage📖Purchase Price
R
📖Radon📖Rate Lock📋Real Estate Agent📈Real Estate Investment Trust📖Real Estate Owned📖Real Property📖Realtor📖Recapture📖Reconveyance⚖️Recording📖Recording Fee💰Recourse Loan📖Redemption Period💰Refinance📖Regulation Z📖Rehabilitation🏢Release Clause📖Relocation📖Remaining Balance📖Remittance📖Renovation🏢Rent🏢Rent Control🏢Rent Escalation📈Rent Roll🏢Rent to Own🏢Rental Agreement📈Rental Income🏢Rental Property📖Replacement Cost📖Representation📖Rescission📖Reserve Fund📖Residual Value📖Restriction⚖️Restrictive Covenant📖Retaining Wall📈Return on Investment📖Revenue💰Reverse Mortgage📖Reversion📖Rider⚖️Right of First Refusal⚖️Right of Survivorship⚖️Right of Way⚖️Riparian Rights📖Risk Assessment
S
🏢Sale Leaseback📖Sales Comparison Approach📖Sales Contract📖Sales Price🏢Sandwich Lease💰Satisfaction of Mortgage📖Second Home💰Second Mortgage📋Secondary Market📈Section 1031 Exchange📖Section 8 Housing💰Secured Loan📖Security Deposit📋Seller Agent📋Seller Concession📋Seller Disclosure📋Seller Financing📋Sellers Market⚖️Senior Lien📖Septic System📖Servicing📖Servient Tenement🔨Setback📖Settlement📖Settlement Statement📖Severalty📖Sheriff Sale📋Short Sale🔑Showing💰Simple Interest🏘️Single Family Home📖Sinking Fund🔨Site Plan🔨Slab Foundation📖Special Assessment⚖️Special Warranty Deed📖Specific Performance📖Speculation📖Square Footage📋Staging⚖️Statute of Frauds⚖️Statute of Limitations📖Steering📖Step Up in Basis📖Stigmatized Property🔑Straw Buyer📖Structural Defect📖Subdivide📖Subdivision📖Subject To🏢Sublease📖Subordination💰Subprime Mortgage📖Substitution of Collateral⚖️Subsurface Rights📖Surety Bond🔨Survey📖Survivorship📈Sweat Equity📈Syndication
T
💰Takeout Loan📖Tax Abatement📖Tax Assessment💰Tax Credit⚖️Tax Deed⚖️Tax Lien📖Tax Sale📖Tax Shelter📖Tenancy at Sufferance📖Tenancy at Will📖Tenancy by the Entirety📖Tenancy in Common🏢Tenant🏢Tenant Improvement📖Tender📖Term🔑Termite Inspection📖Time is of the Essence⚖️Title⚖️Title Abstract⚖️Title Company⚖️Title Defect⚖️Title Insurance⚖️Title Report⚖️Title Search📖Topography💰Total Debt Ratio🏘️Townhouse📖Township📖Tract📖Trade Fixture📖Transaction Costs📖Transfer Tax📈Triple Net Lease📖Trust📖Trust Account⚖️Trust Deed📖Trustee📖Trustee Sale💰Truth in Lending Act📈Turnkey Property
U
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