We realize that some of the terms we may use are almost like greek. We have compiled a list of terms and definitions to help bridge any learning gaps that you may have. If there's anything you don't fully understand, our friendly staff would be more than welcome to help explain!

• Appraisal
  A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
• Assessment
  The placing of a value on property for the purpose of taxation.
• Closing
  The final procedure in the real estate sales process, where the sale and pertinent loan are completed by the execution of documents for recording. In some areas, this procedure is known as the closing of escrow.
• Contingency
  A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.
• Deed
  The legal document conveying title to a property.
• Deposit
  A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit".
• Earnest Money Deposit
  A deposit made by the potential home buyer to show that he or she is serious about buying the house.
• Escrow
  An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.
• Home Inspection
  A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.
• HUD-1 Settlement Statement
  A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD-1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet".
• Lender
  A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders".
• Market Study
  An analysis of activities in a market in regard to such influences as location, demand, and competition which may or may not affect the value of property.
• Mortgage
  A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds.
• Pre-Approval
  A loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about what the interest rate will actually be at the time the loan is actually made, as well as estimates for the amount that will be paid for property taxes, insurance and others. A pre-approval applies only to the borrower. Once a property is chosen, it must also meet the underwriting guidelines of the lender.
• Purchase Agreement
  A written contract signed by the buyer and seller stating the terms and condition under which a property will be sold.
• Real Estate Agent
  A person licensed to negotiate and transact the sale of real estate
• Realtor
  A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
• Survey
  A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
• Title
  A legal document evidencing a person's right to or ownership of a property.

For more real estate terms and their definitions, please visit http://www.realestateabc.com/glossary/.