Preapproval
A lender's preliminary assessment of how much you may qualify to borrow, subject to final underwriting and verification.
CC AI NEXTGEN LIMITLESS
Real Estate Knowledge. Real-Life Solutions.
Whether you're buying, selling, investing, or navigating a major life transition, knowledge helps you move forward. Explore our educational resources and find your next step.
Explore Our ResourcesLEARN WITH CONFIDENCE
Search Our Real Estate Glossary
Real estate language should never stand between you and an informed decision. Search by word, topic, or definition.
Showing 40 terms
Earnest Money Deposit
Money a buyer deposits in good faith after entering a purchase agreement. Its treatment depends on the contract and applicable law.
Down Payment
The portion of the purchase price paid upfront rather than financed through a mortgage.
Appraisal
A professional opinion of a property's value prepared by a qualified appraiser.
Home Inspection
An examination of a property's accessible systems and condition to help identify potential defects or concerns.
Buyer's Representation Agreement
A written agreement describing the relationship, services, and compensation terms between a buyer and a real estate broker.
First-Time Homebuyer
A buyer who meets the eligibility definition of a particular program, which may include people who owned a home in the past.
Down Payment Assistance
Financial assistance that may help eligible buyers cover a down payment or closing costs, subject to program rules.
Comparative Market Analysis (CMA)
A real estate professional's analysis of comparable properties to help estimate a property's potential market value.
Home Equity
The estimated market value of a property minus debts secured by that property.
Net Proceeds
The estimated amount a seller receives after paying mortgage balances, transaction expenses, and other applicable charges.
Seller Disclosures
Information sellers provide about a property's condition and other matters as required by applicable law.
Staging
Preparing and presenting a property to help prospective buyers appreciate its layout, features, and potential.
As-Is Sale
A sale where the seller generally does not agree to make repairs, although disclosure duties and buyer rights may still apply.
Listing Agreement
A contract between a property owner and a real estate broker that establishes listing services and terms.
Days on Market (DOM)
The number of days a property has been listed for sale, calculated according to the applicable listing system.
Purchase Agreement
A contract setting out the terms and conditions under which real property is purchased and sold.
Contingency
A contractual condition that can provide specific rights or remedies depending on whether stated requirements are satisfied.
Escrow
A process in which a neutral party handles funds, documents, and instructions for a transaction.
Title Insurance
Insurance that protects against certain covered title defects or claims, subject to policy terms and exclusions.
Closing Costs
Expenses associated with completing a real estate transaction, apart from the property's purchase price.
Transfer Disclosure Statement (TDS)
A California statutory disclosure form describing specified aspects of a residential property's condition, when required.
Natural Hazard Disclosure (NHD)
A California disclosure concerning designated natural hazard areas that may affect a property.
Conventional Loan
A mortgage that is not insured or guaranteed by a federal government agency.
FHA Loan
A mortgage insured by the Federal Housing Administration, subject to program eligibility requirements.
VA Loan
A mortgage backed by the U.S. Department of Veterans Affairs for eligible borrowers.
Debt-to-Income Ratio (DTI)
A comparison of recurring monthly debt obligations with gross monthly income, used by lenders to evaluate borrowing capacity.
Loan-to-Value Ratio (LTV)
A ratio comparing the mortgage loan amount with the property's value used by the lender.
Mortgage Rate Buydown
An arrangement that reduces a borrower's interest rate temporarily or permanently, depending on the terms.
Private Mortgage Insurance (PMI)
Insurance commonly required on certain conventional mortgages with smaller down payments, protecting the lender against some losses.
Probate
A court-supervised process that may be required to administer the estate of a deceased person.
Living Trust
A legal arrangement through which a trustee manages assets for beneficiaries according to trust terms.
Successor Trustee
A person or institution designated to assume trustee responsibilities under the terms of a trust.
Inherited Property
Real estate received through inheritance, subject to applicable estate, trust, title, and tax rules.
1031 Exchange
A tax-deferral strategy that may permit qualifying investment or business real property to be exchanged for like-kind real property under specific federal requirements.
Capital Gains Tax
Tax that may apply to taxable profit from selling an asset, subject to exclusions, adjustments, and other rules.
Property Tax Reassessment
A change to a property's assessed value for taxation, subject to applicable California law and exclusions.
Cap Rate
A measure of investment property return calculated by dividing annual net operating income by property value or price.
Net Operating Income (NOI)
Property operating income after operating expenses, generally before debt service and income taxes.
Triple Net Lease (NNN)
A commercial lease structure typically requiring tenants to pay specified property taxes, insurance, and maintenance costs in addition to base rent.
TAKE YOUR NEXT STEP
Explore Our Services & Free Resources
You don't have to figure everything out alone. Find education, practical options, and a place to start.
Buying a Home
Explore your financing, timing, and homebuying options.
Explore BuyingSelling a Property
Understand preparation, pricing, and selling strategies.
Explore SellingLife Transitions
Discover property solutions for inheritance, divorce, financial hardship, and other changes.
Explore SolutionsFree Homebuyer's Guide
Start learning about the homebuying process with our educational guide.
Request Buyer's GuideFix It or Sell As-Is Guide
Explore what to consider when deciding whether to repair a property before selling.
Request Seller's GuidePersonalized Guidance
Tell Cc and Cole about your real estate situation and explore your next steps.
Start HereQuestions Are Welcome. Clarity Comes First.
Connect with Cc Cruz and Cole Lucido at eXp Realty of California, Inc. for personalized real estate guidance.
Share Your SituationEducational information only. Real estate, legal, financing, and tax outcomes depend on individual circumstances. Consult appropriately licensed professionals when needed.