Real Estate Dictionary
When your lender says . . . Appraisal
What they mean is . . . The process of figuring out how much a home is worth.
When your lender says . . .Assessment
What they mean is . . . The amount of property taxes you must pay to the government.
When your lender says . . .Assessed Valuation
What they mean is . . . The determination, for tax purposes, of how much your property is worth.
When your lender says . . .Closing
What they mean is . . . When you actually become the owner of the property.
When your lender says . . .Closing Costs
What they mean is . . . The fees and charges a buyer and seller must pay at closing.
When your lender says . . .Easement
What they mean is . . . The legal rights the general public has with regard to crossing over land.
When your lender says . . .Equity
What they mean is . . . How much of your home you actually own, when you deduct the debt from the value.
When your lender says . . .Fair Market Value
What they mean is . . . A term that refers how much a home or property is worth.
When your lender says . . .Flood Insurance
What they mean is . . . An insurance policy that covers damage your home can incur in a flood.
When your lender says . . .Hazard Insurance
What they mean is . . . An insurance policy many lenders require a home buyer to have.
When your lender says . . .Parcel
What they mean is . . . A piece of land or property under one ownership.
When your lender says . . .Reassessment
What they mean is . . . The process of updating the understood value of a property.
When your lender says . . .Site Assessment
What they mean is . . . A mandatory environmental inspection that checks for soil contaminants.
When your lender says . . . Survey
What they mean is . . . The process of measuring a piece of land to establish property lines.
When your lender says . . .Zoning
What they mean is . . . The way cities and towns define how areas within the city are zoned.