Home Buying Glossary

Home Buying Glossary

 

Are you in the market for new house or already in the process of buying a house? There are some expressions you should get acquainted with: 

Appreciation - An increase in the value of a property as a result of market change, renovation of a property, or other factors.

 

Comparative Market Analysis - It is a real estate analysis that assesses the current market value of a house by comparing it with other properties recently sold in the area.

 

Deed – (also referred to as a TITLE) A written document disclosing the ownership of the property, signed by current owners and including the legal description of a property.

 

Fair Housing Act – It is a law that prohibits any form of discrimination (on the basis of race, sex, religion, social status etc.) during the home buying process.

 

Homeowner's Insurance – Insurance that protects a property against damage from fire, storms and other hazards.

 

Zoning – The ability of a local government to decide about how land will be used in a particular area.  For example, a piece of land might be zoned for residential or commercial use.

 

If you want to get acquainted with more terms connected to the home buying process, we encourage you to keep coming back to our blog.

 

If there is any expression/vocabulary connected with the home buying process that you are unfamiliar with, contact us or leave us your question below.