Industry lingo takes a while to become fluent in, no matter the industry. The fake-it-till-you-make-it routine can work like a charm, but, it can also backfire. Sometimes, we can get stuck nodding and smiling for so long, we don’t find out the correct definition of a term.
In any investment industry, there are many terms that are important to understand. These terms can inform your decision making process, build your understanding of the process you’re taking on, and help you confidently settle any potential disputes.
Here’s a definition list of 5 important real estate terms. This way, if you’re confused about a term, you won’t have to ask. You’ll sound like a pro, and be one!
Appraisal: official estimated value of a property (home or commercial).
Certificate of Title: a certificate (document) that proves legal ownership of property, by owner.
Closing Costs: all additional fees or dues related to finalizing the sale of your home.
Due Diligence: the necessary steps a owner/seller is expected to take,in order to protect their investment property.
After narrowing down the long list of terms we think everyone should know to five, was no easy task. Don’t worry, we’ll be releasing more lists of terms as time goes on.
If you’d like to learn more about appraisal, real estate investment, or selling your home, stick around! Check out our homepage and our services, if you’re looking for help.