7 Real estate listing and buying terms

This section explains common terms used during real estate transactions.

listing – a property available for sale or rent.

offer – a proposal to buy or sell property under specified conditions.

multiple offers – when more than one buyer submits a purchase offer on a property.

counteroffer – a response to an offer with modifications.

escrow – a neutral third party holds funds until conditions are met.

closing – finalizing a real estate transaction by signing documents and transferring ownership.

title – legal ownership of property.

deed – a legal document transferring property ownership.

mortgage – a loan secured by the property being purchased.

appraisal – an evaluation of a property's value.

balloon payment – a large payment due at the end of a loan term.

prepayment penalty – a fee charged for paying off a loan early.

short-term rental – renting out a property for short periods, typically less than a month.