Real Estate Glossary

An evaluation of a property's value by a licensed appraiser based on comparable sales, property condition, measurements, and market trends.

Fees and expenses, including loan origination fees, title insurance, and escrow costs, paid at the closing of a real estate transaction.

A condition that must be met for a real estate contract to become binding. A home can be listed as contingent if the buyer of the home has to sell their home first and it has not sold yet.

The initial amount of money put down made by a buyer towards the purchase price of a property, usually expressed as a percentage of the total price.

A deposit of money made by a buyer to show serious intent to purchase a property. It is typically held in escrow by the title company until closing.

A neutral third party that holds funds and documents until all conditions of a real estate transaction are met. After closing, an escrow if an account held by your mortgage company that they pay annual fees out of, typically home insurance and property taxes.

A mortgage with an interest rate that remains constant throughout the life of the loan.

An examination of a property's condition by a professional inspector, often required by buyers before closing. Inspections can include but are not limited to electrical, mechanical, plumbing, roof, septic, etc.

Organization in a subdivision or condominium complex that enforces rules and maintains common areas for the benefit of residents. In Tulsa, this can include landscaping, pool maintenance, playgrounds, and organize the neighbhorhood yard sales, amongst others.

The percentage charged by a lender for borrowing money, expressed as an annual percentage of the loan amount.

A contract between a seller and a real estate agent that grants the agent the right to sell the property.

A lender's preliminary approval for a mortgage based on a buyer's creditworthiness and financial information.

The original amount of money borrowed on a mortgage, excluding interest and other charges.

Insurance that protects against losses resulting from disputes over property ownership and defects in the title.

The process by which a lender evaluates a buyer's creditworthiness and risk before approving a mortgage loan. This is conducted before closing.