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Glossary Of Key Real Estate Terms

There are a great deal of phrases and terminologies unique to real estate.  Listed below are just a sample of the common terms you will encounter in the process of buying or selling a home.  Take a moment to familiarize yourself with them so you will know where to look if you need a definition.

Amortization Period       The actual number of years it will take to pay back your mortgage loan.

Appraised Value               An estimate of the value of the property. Conducted for the purpose of  mortgage lending by a certified appraiser. This appraisal is not to be confused with a building inspection.

Assumability                      Allows the buyer to take over the seller’s mortgage on the property.

Chattels                                Personal property which is tangible and moveable, such as electrical appliances, blinds, etc.

Closed Mortgage               A mortgage that locks you into a specific payment schedule…

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