A

Addendum — A change or addition to a contract agreed to by all parties.
Appraisal — A professional estimate of a home’s value, often required by a lender.
As-Is — A sale where the seller is not agreeing to make repairs (terms vary by contract).

B

Backup Offer — An offer that becomes active if the first contract falls through.
Buyer’s Agent — The agent representing the buyer’s interests in a transaction.
Broker — A licensed professional who may manage agents and oversee transactions.

C

Clear to Close (CTC) — Lender confirmation that loan conditions are satisfied and closing can be scheduled.
Closing — The final appointment where documents are signed and ownership transfers.
Closing Costs — Fees paid to finalize the transaction (lender, title, escrow, recording, etc.).
Comparables (Comps) — Recent similar home sales used to estimate value.
Contingency — A condition that must be met for the contract to move forward (financing, inspection, appraisal).
Contract to Close — The period from signed contract until closing day.

D

Days on Market (DOM) — How long a property has been listed for sale.
Deed — Legal document that transfers ownership of the property.
Disclosure — Information a seller must provide about the property (varies by area and contract).
Due Diligence — Time for the buyer to investigate the property (inspections, documents, etc.).

E

Earnest Money Deposit (EMD) — Buyer’s deposit showing serious intent, held in escrow and applied at closing.
Escrow — A neutral account holding funds/documents until terms are met.

F

Final Walkthrough — Buyer’s last visit before closing to confirm condition and agreed repairs.
Financing Contingency — Contract condition requiring the buyer to obtain loan approval.

H

Home Warranty — Optional service contract covering certain systems/appliances after closing.
HOA — Homeowners Association; may have rules, fees, and approval requirements.

I

Inspection — A professional evaluation of the property’s condition.
Inspection Period — Contract timeframe for inspections and negotiation.

L

Lien — A legal claim against property for unpaid debt (must be resolved before transfer).
Listing Agreement — Contract between seller and listing agent/broker.
Loan Estimate (LE) — Early lender document outlining estimated rates, payments, and closing costs.

M

MLS — Database where agents list and search properties.
Multiple Offers — Situation where more than one buyer makes an offer on a property.

O

Offer — A buyer’s written proposal to purchase under specific terms.
Open House — Scheduled time when a listing is available for public viewing.

P

Pre-Approval — Lender letter stating buyer qualifies for a loan up to a certain amount.
Purchase Agreement — The main contract detailing price, terms, deadlines, and responsibilities.

R

Repair Addendum — Agreement outlining repairs or credits negotiated after inspection.
Recording — Filing the deed with the county/authority to make ownership official.

S

Settlement Statement — Breakdown of all costs and credits for buyer and seller (often reviewed before closing).
Survey — Measurement of property boundaries and improvements; may be required.

T

Title — Legal ownership rights to a property.
Title Insurance — Protection against certain ownership disputes, liens, or title defects.
Title Search — Review of records to confirm clear ownership.

U

Under Contract — Seller has accepted an offer and the contract is in progress.