Appraisal: A formal evaluation of property by a licensed appraiser, used to establish its market value.
AS-IS: The current condition of a property with no warranties or representations by the seller.
Cash: All transactions are conducted without any contingency for financing.
Closing Costs: Any expenses over the sale price of a property that is paid by the seller at closing that may include fees charged by a third party (bank, title company, attorney, surveyor, appraisal, etc… ) for services related to a sale (title search, appraisal, lien search, survey, appraisal, taxes, interest, mortgage fees, etc…)
Closing Statement: A document used in real estate transactions, prepared by a closing agent, itemizing and detailing the allocation of all fees related to the sale of a property.
Commission: A fee charged by a broker or agent for his/her service in facilitating a real estate transaction.
Contract: A legally binding written agreement between two parties concerning the terms of real property.
Foreclosure: A legal process in which a lender attempts to recover the balance of a loan from a borrower, who is no longer making payments to the lender, by forcing the sale of the asset used as collateral for the loan.
Short Sale: When a Lien Holder is willing to accept less than what is owed by the borrower in which the net proceeds from selling the property will fall short of the debts secured by liens against the property.
Survey: A map or plat drawn by a licensed-surveyor to assess property lines to ensures that a particular piece of land or building is sited in accordance to its legal description.
Rehab: The process of restoring and/or improving a property to a satisfactory condition by repair and renovation.