Real Estate Dictionary This comprehensive dictionary provides you with important definitions for the industry's common and not-so-common terms, acronyms, and slang. Every person working in real estate or planning to buy or sell real estate can benefit by using this free real estate dictionary. The definitions are for general purposes only and should not be used for legal purposes. We disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information.
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| A written document that is properly signed and delivered as an instrument of bond, contract or conveyance, especially relating to property. This document transfers property ownership from the seller to the buyer. The seller signs the deed at closing and the buyer receives a copy. The closing sales professional records the deed with the buyer listed as the new property owner. The buyer's name appears on the deed and it is sent to the buyer after it is recorded. |
| A document used in some states instead of a mortgage. When borrowers sign this document, they receive title to the property but convey title to a neutral third party, called a trustee, until the loan is repaid. |
| Information pertaining to characteristics of human populations and population segments, including population growth and density. |
| Real estate sales professionals who work for the same company where one is assigned to work with the buyer and the other is assigned to work with the seller in the same transaction. In such a transaction, there are two designated sales professionals in the same firm: one for the buyer and one for the seller. In Maryland, this is called an intra-company agent. |
| In Virginia and Washington D.C., the real estate sales professional who works with the buyer and seller in the same transaction. |
| A document, text or form that reveals or uncovers information about real estate. For example, see Seller's Disclosure. |
| Percentage of the buyer's loan usually paid by the seller to the lender in cash at closing. Each point equals 1% on the loan balance. Discount points account for the difference between the market interest rate and the loan rate. |
| A state tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another. The amount of stamps required varies with each state. |
| Building stage characterized by the addition of sheetrock walls. |
| The real estate sales professional who has signed agreements with the buyer and the seller in the same transaction. |
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Definitions are intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice.
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