DRAG

Glossary

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Terms & Jargon

Key Real Estate Terms You Should Know

Clear definitions to help you understand important real estate concepts.

  • 01

    Appraisal

    A professional assessment that determines a property’s current market value, essential for securing loans.

  • 02

    Escrow

    A secure holding arrangement where funds and documents are kept by a neutral party until all sale conditions are met.

  • 03

    Contingency

    A contractual clause that allows buyers or sellers to back out or renegotiate if certain conditions, like inspections or financing, aren’t satisfied.

  • 04

    Equity

    The portion of your property’s value that you truly own, calculated by subtracting your mortgage balance from the home’s market price.