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Our Top 27 Real Estate Terms Defined
The Real Estate process can be confusing, and sometimes stressful to understand. Whether it's your first time working with a real estate agency, or you'd just like a better understanding- we've compiled a (growing) list of real estate vocabulary that you can get familiar with!
1.) Under Contract 
This is when the seller has accepted an offer from a buyer but the sale hasn't been completed. While a property is under contract, this typically means the seller is not allowed to enter a contract with any other buyer.
2.) Closing Costs
Closing costs are a variety of expenses such as attorney fees, taxes, and housing expenses. These costs are usually paid at the closing of every real estate transaction.
3.) Pre-Approval
This is a pre-qualification for a loan or mortgage. It's the last step before final approval and makes it easier when negotiating with a seller. Pre-approval tells what costs may be and how much money you're able to borrow.
4.) Assessed Value
This is the estimation of your property/home's worth.
5.) Transfer of Ownership
This is the transfer of property from one owner to another. Once you have ownership, you have the rights over that property.
6.) Refinancing
This is when an individual or business revises the payment schedule, interest rate, and/or terms of a previous ... more

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