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- Appraisal
- An opinion of value prepared by a qualified appraiser for a stated purpose and effective date.
- Association assessment
- A charge approved by an association under its governing documents and applicable law, separate from or in addition to regular assessments.
- Cap rate
- Annual net operating income divided by property value or acquisition cost, based on clearly stated assumptions.
- Closing costs
- Transaction expenses paid at or before closing, which vary by contract, financing, property, and service provider.
- Comparable sale
- A closed property transaction considered relevant to another property because of location, type, timing, and physical characteristics.
- Condominium declaration
- A recorded document that creates a condominium and describes units, common elements, rights, and obligations.
- Contingency
- A contract condition tied to a specified event, action, document, or deadline.
- Escrow deposit
- Funds held by an escrow agent under the contract or other written instructions.
- Estoppel
- A written statement that may confirm specified balances, obligations, or facts as of a date.
- Fixed-rate mortgage
- A mortgage with an interest rate that remains fixed under the loan terms.
- Folio or parcel number
- A local identifier used by a property appraiser or taxing authority for a parcel or account.
- Homeowners association (HOA)
- An organization that administers recorded covenants and common obligations for a community.
- Inspection period
- A negotiated contract period for inspections and related decisions under the agreement.
- Lease renewal
- An extension or replacement of a lease under agreed terms; it is not automatic unless the lease or law provides otherwise.
- Loan-to-value (LTV)
- The loan amount divided by the applicable property value used by the lender.
- Net operating income (NOI)
- Property income minus modeled operating expenses, generally before debt service, depreciation, and income taxes.
- Preapproval
- A lender’s conditional evaluation based on submitted information; it is not a final loan commitment.
- Proof of funds
- Documentation indicating funds available for a proposed transaction, subject to verification and privacy safeguards.
- Security deposit
- Funds held under a lease and applicable law for specified obligations.
- Title insurance
- Insurance addressing covered title risks under the policy’s terms, exclusions, and exceptions.
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