Real Estate Terminology

Understanding real estate terminology is crucial for anyone involved in buying or selling property. Terms like 'escrow,' 'equity,' and 'contingency' can be confusing. Knowing what these terms mean can help you make informed decisions.

Essential Terms to Know

• Escrow: A financial arrangement where a third party holds funds until conditions are met.
• Equity: The difference between the market value of your home and the amount you owe on your mortgage.
• Contingency: A condition that must be met for a contract to become binding.

Familiarizing yourself with these terms can enhance your real estate knowledge.