Common vocabulary used in real estate 1

VOCABULARY REVIEW: Real estate

Need to review common English terms relating to (and used) by real estate agents? We've got you covered!

Real estate
Definition:
Real estate refers to land and any buildings or structures permanently attached to it.
Example:
She works in real estate, helping clients buy and sell homes.

Property
Definition:
Property is a general term for land, buildings, or real estate owned by an individual or organization.
Example:
The investor owns several rental properties in the city.

Listing
Definition:
A listing is a property that is officially advertised for sale or rent.
Example:
The agent posted a new listing online with photos and a detailed description.

Market value
Definition:
Market value is the estimated price a property would sell for under normal conditions.
Example:
The home's market value increased due to new public transport nearby.

Asking price
Definition:
The asking price is the amount the seller wants to receive for a property.
Example:
The asking price was higher than similar homes in the area.

Offer
Definition:
An offer is a formal proposal made by a buyer to purchase a property at a specific price and terms.
Example:
The buyer submitted an offer below the asking price.

Closing
Definition:
Closing is the final stage of a real estate transaction when ownership is legally transferred.
Example:
The closing is scheduled for the end of the month.

Down payment
Definition:
A down payment is the portion of the purchase price paid upfront by the buyer.
Example:
They saved for years to afford a 20% down payment.

Mortgage
Definition:
A mortgage is a loan used to buy property, with the property serving as security.
Example:
She applied for a mortgage through her bank.

Interest rate
Definition:
The interest rate is the percentage charged by a lender for borrowing money.
Example:
A lower interest rate can significantly reduce monthly payments.

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