Real Estate Glossary

Listed below are brief descriptions of some common terms used in real estate transactions. These are general terms and definitions and are not intended to apply to all possible uses of a term. Please let us know if you have any questions regarding these items.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Real Estate Agent: Real estate salespeople who are supervised by a real estate broker. Licensed by the state; typically receive income from commissions.

Real Property: Land and buildings as opposed to property or chattels.

Realtor®: A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors®.

Recordation: Filing for record in the office of the county recorder.

Refinance: Taking out a new mortgage loan to receive more favorable terms. Generally recommended for fixed-rate mortgages if rates drop below 1 percent of what you’re currently paying.  However, refinancing can be expensive and time-consuming, so you’ll want to consider this action carefully, and to ask yourself how long you plan to own the property.

Courtesy of Sonata Realty