Appraisal: An evaluation of a property's value, typically performed by a licensed appraiser. The appraisal considers factors like the property's condition, location, and recent sales of similar properties.
Assessment: The valuation of a property for the purpose of determining property taxes. Local government assessors evaluate properties periodically to update their tax value.
Appreciation: The increase in a property's value over time due to market conditions, improvements, or other factors.
Balloon Mortgage: A type of loan that requires a large payment at the end of the loan term after smaller, regular payments. This payment is significantly larger than the earlier installments and is known as the "balloon" payment.
Broker: A licensed individual or firm that arranges transactions between buyers and sellers, typically earning a commission once the deal is complete. Brokers are responsible for bringing together the parties involved in a real estate transaction.
Buyer's Market: A market condition where there are more homes available for sale than there are buyers. This typically results in lower home prices and gives buyers more negotiation power.
Closing: The final step in a real estate transaction, where the buyer takes possession of the property, funds are transferred, and all legal documents are signed.
Condominium: A type of property ownership where individuals own a unit within a building or complex but share common areas, such as the hallways, pool, or gym, with other owners.