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Glossery of Terms

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  • What is the difference between a "real estate agent" and a "real estate broker"

  • What is a "chain of title"?

  • What is an "earnest money deposit"?

  • What is a "homeowner's association"?

  • What is "equity" and how do I build it?

  • What is a "listing agreement"?

  • What is an "exclusive right to sell" agreement?

  • What is the "Multiple Listing Service" (MLS)?

  • What are "comps" or "comparables"?

  • What is a real estate "appraisal" and do I need one?

  • What is "escrow"?

  • What is the "Attorney Approval" or "Attorney Rider"?

  • What is a "home warranty" and do I need one?

  • What is "homeowners insurance" and why do I need it?

  • What are "real estate inspections"?

  • What does the term "buyer beware" mean in terms of real estate?

  • What is a "closing date" in a real estate purchase?

  • What are "real estate closing costs" and "title fees"?

     

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