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Real Estate Terms

1. Agent - A licensed professional who represents either the buyer or the seller in a real estate transaction.

2. Amortization - The process of gradually paying off a loan by making regular payments that include both principal and interest.

3. Appraisal - An evaluation of a property's value conducted by a professional appraiser.

4. Asking price - The price at which the seller lists their property for sale.

5. Assessed value - The value of a property for tax purposes, as determined by the local government.

6. Closing - The final step in a real estate transaction, where the buyer and seller sign all necessary documents and the title is transferred.

7. Closing costs - The fees and expenses that must be paid by the buyer and/or seller at the closing of a real estate transaction.

8. Contingency - A condition that must be met before a contract becomes legally binding.

9. Counteroffer - An offer made in response to an initial offer, typically with changes or adjustments.

10. Equity - The difference between the value of a property and the amount owed on any mortgages or other liens.

11. Foreclosure - The legal process by which a lender takes possession of a property after the borrower defaults on their mortgage payments.

12. Home inspection - An examination of a property's condition by a professional inspector, typically conducted before a sale is finalized.

13. Interest rate - The percentage of a loan that must be paid as interest over time.

14. Lease - A contract between a landlord and a tenant, giving the tenant the right to occupy the property in exchange for rent payments.

15. Listing - A property that has been put on the market for sale.

16. Loan-to-value ratio - The ratio of the loan amount to the value of the property, expressed as a percentage.

17. Market value - The estimated value of a property based on comparable sales in the surrounding area.

18. Mortgage - A loan taken out to purchase a property, with the property serving as collateral for the loan.

19. Multiple Listing Service (MLS) - A database of available real estate properties that is used by real estate agents to match buyers and sellers.

20. Offer - A proposal to buy a property, typically made by a potential buyer and subject to negotiation.

21. Pre-approval - A lender's written commitment to provide financing up to a certain amount, subject to certain conditions being met.

22. Principal - The amount of money borrowed in a loan.

23. Purchase agreement - A legally binding contract between the buyer and seller, outlining the terms of the sale.

24. Real estate market - The overall market for buying and selling properties in a particular area.

25. Refinance - The process of replacing an existing mortgage with a new one, typically to take advantage of lower interest rates.

26. Seller's market - A real estate market in which demand exceeds supply, making it easier for sellers to sell their properties.

27. Title - The legal right to ownership of a property.

28. Underwriting - The process by which a lender evaluates a borrower's financial situation and creditworthiness before approving a loan.

29. Zoning - The local government's regulations governing the use of land within a particular area.

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