Real Estate Glossary
Appraisal
Process of determining a property’s market value.
Closing Costs
Expenses over and above the price of the property, paid at the closing.
Common Charges
Monthly charges paid by condo owners that cover the costs of shared building amenities.
Contract of Sale
A legal agreement between a buyer and seller that outlines the terms of purchase or transfer for a property.
Co-op Board
A group of residents elected to represent all shareholders within a co-op building. The board determines the rules of the building, addresses building issues and reviews new buyer applications.
Final Walk-Through
A property inspection that takes place a few days before closing so that the buyer can ensure the space’s condition is true to what is specified in the contract.
In-Contract
An offer has been made and accepted on a property. The buyer has paid a deposit, and both seller and buyer have signed the offer. The listing is no longer available on the market unless the deal falls through.
Maintenance Fee
Monthly charges paid by co-op owners to cover operating expenses of the building, including taxes, insurance, etc.
Mortgage
Loan that a bank or lender gives you to buy a house. A mortgage payment is made up of principal, interest, taxes and insurance.
Pre-Qualified
An estimate of the loan amount you will likely be pre-approved for.
Pre-Approved
Confirmation from your bank or lender that you are approved for a specific loan amount.
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