Appraisal Assessment of the property's market value for the purpose of obtaining mortgage and performed by a licensed appraiser.
Assessed Value Value placed upon property for property tax purposes by the tax collector
Closing Costs Expenses incidental to a sale of real estate. such as loan fees, appraisal fees, title insurance and escrow fees.
Closing Statement The statement which lists the financial settlement between Buyer and Seller, and the costs each must pay.
Contingency Certain criteria that have to be met in order to finalize the sale
Conventional Mortgage A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.
Credit Money given to a buyer from a seller through escrow at closing
Escrow or Title Company A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.