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A tax on the value of a property, usually levied by local government.

A comprehensive database of properties for sale, shared among real estate professionals.

The amount of debt, not including interest, left on a loan.

The use of borrowed funds to increase the potential return of an investment.

Fees paid at the closing of a real estate transaction, typically including an origination fee, title insurance, surveys, taxes, and other pre-paid items.

The process of obtaining a new mortgage, typically to reduce the interest rate or change the terms of the original loan.

The most probable price that a property would bring in a fair sale.

The process of spreading out a loan into a series of fixed payments over time.

The legal process by which a lender takes control of a property, evicts the homeowner, and sells the home after the homeowner fails to make full principal and interest payments on his or her mortgage.

An insurance policy that protects the holder from financial loss sustained from defects in a title to a property.

A fee charged by a lender on entering into a loan agreement to cover the cost of processing the loan.

A licensed professional who represents buyers or sellers in real estate transactions.

The process by which a lender evaluates the risk of a loan to a potential homebuyer.

A deed that guarantees a clear title to the buyer of real property.

The difference between the fair market value of a property and the amount of liens against it (like a mortgage).

A form of joint ownership of real estate where each party owns a separate and undivided interest which can be sold, transferred, or bequeathed.

An organization in a subdivision, planned community, or condominium building that makes and enforces rules for properties and residents.

The percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time.

A decrease in the value of a property due to wear and tear or obsolescence.

A calculation used to analyze real estate investments, representing the income after operating expenses are deducted.

Any structural addition or upgrade that increases the value of the property.

A mortgage with a fixed interest rate for the life of the loan and consistent principal and interest payments.

A form of property co-ownership where two or more individuals hold equal shares and have rights of survivorship.

A legal right or claim against a property by a creditor until a debt is paid off.

A lump sum payment that is significantly larger than the regular payments and is typically made at the end of a loan's term.

Selling a property for less than the balance owed on its mortgage. The lender accepts this shortfall as full payment.

Government regulations that dictate how real property can be used in certain areas, such as residential, commercial, or industrial.

The dollar value assigned to a property to measure applicable taxes.

A type of mortgage where the interest rate adjusts over time based on an index.

An expert assessment of the value of a property.

The profit from the sale of a property or an investment.

A legal document that represents the ownership of property and is used to transfer title from one party to another.

A financial term used by lenders to express the ratio of a loan to the value of an asset purchased.

The right to use the property of another for specific purposes, such as for utilities or access.

The process of measuring land to determine its boundaries, area, and the location of any structures on the property.

A loan used to purchase a property, where the property itself serves as collateral for the loan.

A real estate agent who is a member of the National Association of Realtors and adheres to its code of ethics.

Funds used by a company to acquire or upgrade physical assets such as property, industrial buildings, or equipment.

The process of thoroughly investigating a property before purchase to evaluate its value and risks.

A simple measure to evaluate rental properties, calculated by dividing the property's price by its gross rental income.