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AMORTIZATION - A schedule of loan payments including both interest and principal.

 

APPRAISAL - An estimate by a professional certified appraiser of the quality and value of the real estate in question on a particular date.

 

BINDER - A written agreement that may include a monetary deposit for the purchase of the property as evidence of the purchaser's good faith and intent to complete purchase of the property.

 

CERTIFICATE OF OCCUPANCY (aka C OF O) - A document issued by a municipal authority stating that the building complies with the building and safety codes and permits the structure to be occupied.

 

CLOSING - The day both buyer's and seller's parties meet to finalize the real estate transaction with the buyer officially taking over the ownership of the property.

 

COMPARATIVE MARKET ANALYSIS (aka CMA)  - Usually a FREE report compiled by the real estate professional showing recent comparable sales, properties that failed to sell, and comparable properties currently listed on the market. This comp is used as a basis for determining the proper listing price for a property.

 

DEPRECIATION - The decline in the value of a property due to a variety of reasons.

 

DOWN PAYMENT - Money paid by the purchaser to the seller upon the signing of the contract of sale. The down payment is held in an escrow account until closing or as per the terms of the agreement.

 

LISTING BROKER/LISTING AGENT - The real estate broker /or real estate salesperson who has entered into a listing contract with an owner/seller to assist in the selling of his or her property for which the owner agrees to pay certain identified compensation.

 

MORTGAGE BROKER - A licensed person qualified to act as an agent to procure a mortgage for a borrower and thus earns a commission for his/her services.

 

NAR - National Association of REALTORS®

 

NYSAR - New York State Association of REALTORS®

 

PRIVATE MORTGAGE INSURANCE (aka PMI) - Insurance written by a private company to protect the lender should the borrower default on the mortgage.

 

REAL ESTATE SALESPERSON - A person licensed by the state, but must work under the supervision of a licensed real estate broker, to sell, lease or rent real estate for a fee.

 

REAL ESTATE BROKER - A person licensed by the state to sell, lease or rent real estate for a fee.

 

REALTOR® - A registered trademark term reserved for the sole use of active members belonging to the National Association of REALTORS®.

 

 

Glossary of Real Estate Terms

These definitions are for general purposes only and should not be used for legal purposes.

We disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information.