Appraisal: A professional assessment of a property's value, typically conducted by a licensed appraiser.
Amortization: The process of paying off a mortgage through regular payments that include both principal and interest.
Buyer's Agent: A real estate agent who represents the buyer's interests in a property transaction.
Broker: A licensed professional who can represent buyers or sellers in real estate transactions and may also manage real estate agents.
Closing Costs: Fees associated with the final stages of a real estate transaction, including title insurance, attorney fees, and taxes.
Contingency: A condition in a real estate contract that must be met for the sale to proceed, such as a home inspection or financing approval.
Pre-approval: A preliminary evaluation by a lender to determine the amount a potential buyer can borrow for a mortgage.
Property Taxes: Taxes paid to local governments based on the assessed value of a property.
Real Estate Investment Trust (REIT): A company that owns, operates, or finances income-producing real estate properties and is often traded on stock exchanges.
Refinancing: The process of replacing an existing mortgage with a new one, often to secure better terms or lower interest rates.
Title: A legal document proving ownership of a property.
Title Insurance: Insurance that protects the buyer and lender from any title-related disputes or defects.
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