A Short Glossary of Term for any Real Estate Transaction

Glossary of Real Estate Terms

Addenda (Addendum):  An attachment to the Purchase & Sale Agreement.

Agency:  The relationship that a real estate agent has with a customer
or client.

Buyer Broker:  An agent who represents the buyer in a transaction.

CMA:  Comparable Market Analysis, or an opinion of a home's value.

Comps:  Properties used as" comparables" on a CMA.

Disclosure:  Verbal and/or written communication regarding agency, property condition, etc.

Down payment:  Initial investment on a home loan.

EM deposit:  Earnest money deposit, or good faith deposit provided as consideration when a buyer offers a contract to a seller.

FHA:  A type of loan, government insured financing.

Key box:  MLS electronic key which allows agents access to listed properties.

List (Listing):  When a seller signs a listing agreement with a broker to market their property.

Listing Agent:  Agent who takes a listing on behalf of the broker.

Lock-box:  Another term for a key box.

Lock-in:  A term to obtain the interest rate at today's rate, or lock-in
the rate.

MLS:  Multiple Listing Service. An organization that distributes information on properties listed by MLS member brokers.

Property Profile:  An informational/fact sheet about a property on the market.

Purchase and Sale Agreement:  A contract between a buyer and a seller to purchase real property.

Transaction:  A listing sold or the sale of real property.

VA: A type of loan, government guaranteed financing available to
military veterans.