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Glossary of Terms


Educate yourself. Use this glossary to better acquaint yourself with what some of the terms you will hear mean.

Click on any of the following terms to see a definition:

Abstract (Of Title)
Acceleration Clause
Agreement of Sale
Amortization
Appraisal
Assumption of Mortgage
Basement Styles
Binder or "Offer to Purchase"
Broker
Building Line or Setback
Certificate of Title
Closing Costs
Closing Day
Cloud (On Title)
Commission
Condemnation
Condominium
Contract of Purchase
Contractor
Conventional Mortgage
Cooperative Housing
Deed
Deed of Trust
Default

Depreciation
Documentary Stamps
Down payment
Earnest Money
Easement Rights
Encroachment
Encumbrance
Equity
Escrow
Foreclosure
General Warranty Deed
Grantee
Grantor
Hazard Insurance
Home Types
Home Styles
HUD
Interest
Lien
Marketable Title
Mortgage
Mortgage Commitment
Mortgage Note
Mortgage (Open-End)

Mortgagee
Mortgagor
Plat
Points
Premium
Prepayment
Principal
Purchase Agreement
Quitclaim Deed
Real Estate Broker
Refinancing
Restrictive Covenants
Sales Agreement
Special Assessments
Special Lien
Special Warranty Deed
State Stamps
Survey
Tax
Title
Title Insurance
Title Search or Examination
Trustee
Zoning Ordinances
A Comparative Market Analysis (CMA) is essential to determine the value of residential property. Location and characteristics of the property are the key elements in determining value. Therefore, the basis for valuation is similar properties in your area. The market analysis takes into account the amount received from recent sales of comparable properties and the quantity and quality of comparable properties currently on the market. The desired end result is to find a price that will attract a willing and able buyer in a reasonable time.
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