Common vocabulary used in real estate 2

📚 Key vocabulary
appraisal — a professional assessment of a property's market value conducted by a licensed appraiser
closing costs — fees and expenses paid at the finalization of a real estate transaction, beyond the property's purchase price
equity — the difference between a property's market value and the outstanding mortgage balance owed on it
easement — a legal right to use another person's land for a specific and limited purpose
escrow — a financial arrangement where a third party holds funds until specific conditions of a transaction are met
title insurance — an insurance policy protecting property buyers and lenders against losses from disputes over property ownership
capitalization rate — the expected rate of return on a real estate investment, calculated by dividing net income by property value
listing agent — a real estate agent who represents the seller and markets the property for sale
buyer's agent — a real estate professional who represents the interests of the person purchasing a property
deed — a legal document that transfers ownership of real estate from one party to another