Real estate Jargans
Real estate jargon refers to the specific language and terminology used in the real estate industry
- “MLS”: Multiple Listing Service, a database of properties for sale that is only accessible to real estate agents.
- “REO”: Real Estate Owned, a property that has been foreclosed on and is now owned by a bank or lender.
- “Short sale”: A sale in which a property is sold for less than the amount owed on the mortgage.
- “Equity”: The difference between the value of a property and the amount still owed on the mortgage.
- “Closing costs”: The expenses associated with buying or selling a property, such as title insurance and attorney’s fees.
- “Appraisal”: An evaluation of a property’s value, usually conducted by a professional appraiser.
- “Loan-to-value ratio”: The ratio of the amount of the loan to the value of the property.
- “Appreciation”: An increase in the value of a property over time.
- “Depreciation”: A decrease in the value of a property over time.
- “Zoning”: The regulations that determine how a property can be used.
These are just a few examples of the many specialized terms that are commonly used in real estate transactions.
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