Realtor - A member of the National Association of REALTORS® who acts as an agent for the sale and purchase of buildings and land a real estate agent. Also known as discount points or purchase points. Points - A fee paid up front to the lender at closing to lower the interest rate over the life of the loan. PITI - The abbreviation for principal, interest, taxes and insurance usually a monthly payment on a mortgage to a lender. The home seller has accepted an offer and all contingencies have been addressed. Pending Listing - A real estate listing on the MLS that is pending sale. The TMLS is the Triangle area's database of homes currently listed for sale. Multiple Listing Service (MLS) - Database of current homes on the market used by real estate professionals. Mortgage - A legal document promising a property to the lender as collateral for payment of a debt. HUD - Department of Housing & Urban Development

Homeowners Insurance - Type of property insurance covering a private residence Home Inspection - A limited observation of a home made prior to purchasing that includes any areas needing improvement or attention before closing. HOA Dues - Fees paid to your Home Owners Association to cover the cost of yard maintenance, disaster insurance, and neighborhood-wide amenities. HOA - An HOA is the abbreviation for Home Owners Association. Enables qualifying Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.

Read MoreĬontingent - When a property listing is marked contingent, the seller has accepted an offer, but there may still be provisions that must be met.Ĭonventional Loan - A loan not insured or guaranteed by the government.ĭeed - A written document for a title to real estate to be conveyed from one party to another.ĭue Diligence - Taking care before signing a contract to research, analyze, and gather information about a property.Įarnest Money - Money you give to the seller (or seller's agent) to show your good faith when making an offer to purchase.Įscrow - A bond, deed, or other document kept in the custody of a third party, taking effect only when a specified condition has been fulfilled.įHA Loan - Federal Housing Administration mortgage insurance which is provided by an FHA-approved lender.

A home owner requests a CMA from a real estate agent in order to get a home valuation report. Now you can be a master of real estate lingo!Īctive Listing - A listing that is active and available on the MLS, as opposed to a Pending or Contingent listing, which is likely already under contract.Īppraisal - Written explanation of a property's fair market value, often based on comparable home sales in the area.Īppreciation - The increase in the value of a home based mostly on inflation and market conditions.īuyer's Market - A market with more sellers than buyers too many homes on the market without enough buyers causes lower prices because homes are harder to sell.ĬMA - This stands for Comparative Market Analysis. To help you navigate the process, we’ve compiled a list of the top phrases and terms used in real estate. We're always looking for ways to make home buying and selling easier. One of the things that we at Five County Specialists have come across in our real estate experience is how confusing the industry jargon can be to not only first-time home buyers, but, to sellers as well.

Understanding real estate lingo