Real Estate Glossary

Navigating through the home buying process can feel like using a map without a key, chances are upon your first meeting with a real estate agent you will come across a lot of terms and verbiage you aren’t familiar with. Knowing what your real estate agent is talking about will lead to a more comfortable and confident experience.

Here are 15 terms that will help to ensure you are in the know when you embark on your real estate endeavors:

1. Appraisal


2. Appraised Value


3. Appraiser


4. Assessed Value


5. Assessment


6. Assessor


7. Closing


8. Comparable Sales

Comparable sales are recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as “comps.”

9. Condominium

A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have a title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.

10. Home Inspection


11. Homeowners’ Association


12. Homeowner’s Warranty


13. Pre-qualification


14. Real estate agent


15. Realtor


Still feeling a lost? Henderson’s team of professional real estate agents are here to help. Contact us today to schedule a meeting.