Real Estate Terms Glossary

A licensed real estate professional who helps clients with property transactions.

A valuation prepared by a qualified appraiser for a defined purpose.

A real estate professional with a broker license; responsibilities depend on the role and applicable law.

An agreement describing the relationship and services between a buyer and a real estate brokerage.

The completion of the transaction when documents, funds and ownership transfer are finalized.

Transaction expenses in addition to the purchase price, such as applicable lender, title and settlement charges.

Recently sold properties used to help evaluate a property’s market position.

A contract condition that must be satisfied or addressed under the agreed terms.

A legal document used to transfer an interest in real property.

Information provided about a property or transaction. Required disclosures depend on the circumstances and applicable rules.

The investigation and review a buyer conducts before completing a purchase.

A deposit associated with a purchase contract, handled according to that contract.

A defined right to use another party’s land for a specified purpose.

The difference between a property’s value and debts secured by it.

Items attached to a property that may be treated as part of the sale. The contract should clarify what stays.

Homeowners association: an organization that may administer community rules, services and fees.

An examination of a property’s condition by an appropriate professional.

The formal description used to identify land in property documents.

A property offered for sale with information about its price, features and terms.

An agent’s analysis of relevant market evidence to inform a possible listing strategy.

Multiple Listing Service: a system for sharing property listings among participating real estate professionals.

Proposed terms for purchasing a property; it becomes an agreement only when the necessary parties accept it as required.

When the buyer is entitled to occupy or use the property under the agreement. It may differ from the closing date.

The contract setting out the agreed terms of a property sale.

Limitations that may affect how property can be used. Review the relevant documents before relying on a planned use.

A professional examination and representation of property boundaries and related features.

The ownership interests and rights associated with a property.

Coverage against specified title-related risks, subject to the policy’s terms and exclusions.

A final visit before closing to check the property against the agreed expectations.