Real Estate Terms to Know
Terms to Know
A determination of the value of a house. A professional appraiser makes an estimate by examining the property, looking at the initial purchase price, and comparing it with recent sales of similar property.
Increase in the value or worth of an asset or piece of the property that's caused by external economic factors occurring over time; rather than by the owner having made improvements or additions.
A provision in a contract stating that some or all of the terms of the contract will be altered or voided by the occurrence of a specific event, usually by specific dates leading up to the close.
The holding of funds or documents by a neutral third party prior to closing your home sale. This is typically done by a title company.
An examination of the condition of real estate property. A home inspector assesses the condition of a property, including it's heating, cooling systems, plumbing, electrical work, water and sewage.
Multiple Listing Service® is a computer-based service that provides real estate professionals with detailed listings of most homes currently on the market. The public can access much of this information through various websites such as Realtor.ca, KW.com, etc.
The local laws dividing cities of counties into different zones according to allowed uses. From Single-Family Residential to Commercial and Industrial.
Ownership of real estate or personal property. A Title is evidence by a deed recorded in the county land records office.
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