Entering into the world of real estate, whether as a homebuyer, new business owner, real estate agent or any number of real estate related fields, requires learning a new vocabulary. Learn the most popular real estate terminology so you can be well on your way to sounding like you know what you're talking about.
Bankruptcy: When the court takes action to restructure a person's or company's debt.
Buyer's agent: When the agent takes the buyer as a client and represents their interest.
Deed: The document that transfers the title of a real estate property to a new owner, and it contains a description of the property and delivered at closing.
Depreciation: When a real estate property decreases in value due to several reasons, such as neighborhood changes or wear and tear.
Down payment: Amount of money provided by the buyer to purchase a real estate property.
Homeowner's policy: An insurance policy that covers adverse events to a home, such as theft, flooding or earthquakes.
Listing: When a property is recorded for sale, showing the details of the real estate for potential buyers.
Loan officer: A financial advisor that assists buyers in getting financing for a real estate property.
PITI: Stands for principal, interest, taxes and insurance, and is generally paid by the owner as one monthly payment.
Primary Residence: The permanent location of a person.PMI: Private mortgage insurance, used in the event that a borrower defaults on the mortgage loan to cover around 80 percent of the loan amount.
Real estate lawyer: An attorney who specializes in real estate transactions, such as purchases, mortgages, titles, default of loans and investment companies.
Realtor: The official name of a member of the National Association of Realtors. One can be a real estate agent without being a Realtor, however, all Realtors are real estate agents.
Refinancing: Repaying an existing debt from a new loan on the same property.
Real estate brokers: An agent that buys and sells real estate for a company or individual.
Seller's broker: The agent representing the seller and all their interests.
Sweat equity: Equity in a real estate property that is created by labor and effort that increases the property's value.
Tax: A charge on real estate payable to the government.
Title: The proof of ownership of a property.
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