Understanding Real Estate Terminology

Understanding Real Estate Terminology

Real estate has its own language, and understanding key terms can help you make informed decisions. Terms like 'escrow', 'equity', and 'appraisal' are fundamental to the buying and selling process.

Key Terms Explained

Escrow refers to a neutral third party that holds funds during a transaction. Equity is the difference between the market value of your home and the amount you owe on your mortgage. An appraisal is an assessment of a property's value, typically conducted by a licensed appraiser.

Knowledge of terminology can empower your real estate journey.

Stay Informed

Continuously educating yourself about real estate terms will enhance your confidence and decision-making skills in the market.