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Crucial Real Estate Lingo and Property Terminology Real Estate Jargon GuideReal estate lingo and property terminology can sometimes sound like a foreign language if you are new to real estate. Master your real estate jargon quick and easy today with our plain English guide.This Page Lists Real Estate Lingo from N to Z - Click here for Property Terminology from A to M Prepaids Paid for (in cash) at closing for such items as homeowners insurance for one year and real estate taxes for several months. Prepayment Penalty A fee that borrowers have to pay if they choose to repay their entire loan before it is due. This usually happens if the property owner switches his bank or lender to refinance his mortgage payments at lower interest rates. This penalty does not apply for FHA or VA loans. Principal The amount borrowed for a mortgage loan. Monthly mortgage payments include both the repayment of the principal and interest owed. Property Tax An annual or semi-annual tax paid to one or more government agencies based on the property value assessment. Purchase Agreement A written document in which the buyer agrees to buy the real estate and the seller agrees to sell if the conditions stated in the agreement are. It is also also known as a sales contract, earnest money contract or agreement for sale. Real Estate Attorney A lawyer who specializes in real estate transactions. He is responsible for drafting the real estate contract and providing legal advice. Real Estate Broker A real estate agent who is licensed by the state to represent a buyer or seller in a real estate transaction. A real estate broker gets paid a commission. Most real estate brokers also have agents working for them. Real Estate Owned REO If a foreclosed property is not successfully sold off during the foreclosure auction, the bank will take ownership of the real estate. This bank owned property is known as a REO real estate owned property. Recording The act of entering deed and mortgage information into public record with your local government. Recording Fee This property terminology refers to the fee charged by real estate agents for conveying the sale of a piece of property into the public record. Title This important real estate jargon refers to the actual legal document granting ownership of the real estate. Title Insurance This is paid at closing and is to protect your ownership rights (title) from claims against it. Waiver This is real estate lingo for the voluntary giving up of certain rights or claims. Zoning Laws that govern how a real estate can be used. Properties can be zoned for residential, commercial or industrial usage or a combination of two or more uses. Return from this Real Estate Lingo page to our First Time Landlord guide
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