Real Estate Vocab: Understanding the Terms You'll Hear during your Real Estate Transaction

Real Estate Vocab: Understanding the Terms You'll Hear during your Real Estate Transaction

  • Stafford Family Realtors
  • 02/6/24

When you begin your search for a new home, you’ll start hearing all kinds of new terms and language that you may not be familiar with. We’re here to help you understand the vocab and guide you through the process!




Preliminary evaluation stating how much a lender is willing to loan you for a new home



A new loan with new terms, interest rates, and monthly payments that completely replaces your current mortgage.




The rights of ownership recognized and protected by law. It is a combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, transfer and dispose of real estate



Document that conveys title of real property


Conditions of Sale


A condition that must be satisfied before a contract is binding. For example, an offer may be contingent upon buyer obtaining financing



Property is being sold in its existing condition with no obligation to the seller to make repairs or upgrades


Foreclosure vs. Short Sale


Legal process in which mortgaged property is sold to pay the loan of the defaulting borrower


Short Sale

Sale of a home for less than the balance remaining on the homeowner’s mortgage


Post-Accepted Offer


Professional review of the property to determine it’s condition and any potential issues and problems



An estimate of the property’s value – typically requested through the buyer’s lender


When you are ready, connect with us to get started on your journey!

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