Complete Real Estate Glossary & Terminology Guide
Comprehensive definitions of common real estate terms
What Real Estate Terms Should You Know for Las Vegas Transactions?
Understanding real estate terms is essential for Las Vegas transactions. Key terms include financing terms like appraisal, mortgage, and pre-approval, transaction terms like closing, escrow, and title insurance, contract terms like contingency, and property types like foreclosure and short sale that help you navigate the Las Vegas real estate market confidently.
Financing
Appraisal
A professional assessment of a property's value, typically required by lenders before approving a mortgage loan.
Closing Costs
Fees and expenses paid at closing, including loan origination fees, title insurance, escrow fees, and transfer taxes.
Down Payment
The initial cash payment made when purchasing a home, typically a percentage of the purchase price.
Equity
The difference between a property's market value and the amount owed on the mortgage.
Mortgage
A loan used to purchase real estate, where the property serves as collateral for the loan.
Pre-approval
A lender's commitment to provide a mortgage loan up to a specific amount, based on credit and financial review.
Underwater Mortgage
A mortgage where the amount owed exceeds the property's current market value.
Transaction
Closing
The final step in a real estate transaction where ownership is transferred from seller to buyer and all documents are signed.
Escrow
A neutral third party that holds funds and documents during a real estate transaction until closing.
Home Inspection
A professional examination of a property's condition, including structure, systems, and potential issues.
Title Insurance
Insurance that protects against defects in the property title, ensuring clear ownership transfer.
Walkthrough
A final inspection of the property by the buyer before closing to ensure it's in agreed-upon condition.
Valuation
CMA (Comparative Market Analysis)
An evaluation of similar properties in the area to determine a property's market value, used for pricing homes.
Contract
Contingency
A condition that must be met for a real estate contract to be binding, such as home inspection or financing approval.
Property Types
Foreclosure
Legal process where a lender takes possession of a property due to the borrower's failure to make mortgage payments.
Short Sale
A sale where the property is sold for less than the amount owed on the mortgage, requiring lender approval.
Industry
MLS (Multiple Listing Service)
A database used by real estate agents to share property listings and market information.
REALTOR®
A real estate professional who is a member of the National Association of REALTORS® and adheres to a code of ethics.
Have Questions About Las Vegas Real Estate Terms?
I'm here to help explain any real estate concepts and guide you through the process. With deep knowledge of Las Vegas real estate terminology, transaction processes, and industry practices, I'll ensure you understand every aspect of your real estate journey.