Real Estate Management and Property Management
- Amortization: The gradual repayment of a loan over time, including both principal and interest.
- Capital expenditure (CapEx): A significant expense incurred to improve or maintain a property.
- Certificate of occupancy (CO): A document issued by a local government confirming that a property is safe and habitable.
- Commercial property: Real estate used for business purposes, such as offices, retail stores, or industrial buildings.
- Common area: Shared spaces in a multi-unit property, such as hallways, lobbies, and swimming pools.
- Deposit: A sum of money paid by a tenant to secure a rental property.
- Eviction: The legal process of removing a tenant from a rental property.
- Gross operating income (GOI): The total income generated from a property before operating expenses are deducted.
- Lease: A written agreement between a landlord and tenant that outlines the terms of occupancy, including rent, duration, and responsibilities.
- Lease-up: The process of filling vacant units in a rental property with tenants.
- Maintenance: The routine upkeep and repair of a property to keep it in good condition.
- Management agreement: A contract between a property owner and a property manager outlining the scope of services and fees.
- Market rent: The fair market value of rent for a specific property in a specific location.
- Move-in/move-out inspection: A visual inspection of a property to document its condition at the beginning and end of a tenant's occupancy.
- Operating expenses: Costs associated with owning and operating a property, such as utilities, property taxes, insurance, and maintenance.
- Property manager: A professional who oversees the day-to-day operations of a rental property on behalf of the owner.
- Rent roll: A list of all the tenants in a property, their current rent payments, and lease expiration dates.
- Residential property: Real estate used for living purposes, such as single-family homes, apartments, or condominiums.
- Tenant: A person who occupies a rental property under a lease agreement.
- Tenant screening: The process of evaluating potential tenants to assess their suitability for occupancy.
General Real Estate Terms
- Adjustable-rate mortgage (ARM): A mortgage with an interest rate that can fluctuate throughout the loan term.
- Agent: A licensed professional who represents buyers or sellers in real estate transactions.
- Appraisal: An estimate of a property's market value conducted by a qualified appraiser.
- Closing: The finalization of a real estate transaction, where paperwork is signed and ownership is transferred.
- Contingency: A condition that must be met for a real estate contract to become binding, such as obtaining financing or a home inspection.
- Days on market (DOM): The length of time a property has been listed for sale.
- Escrow: A neutral third party that holds funds and documents during a real estate transaction.
- Homeowner's association (HOA): An organization responsible for maintaining common areas and enforcing rules in a community of homes.
- Multiple listing service (MLS): A database of properties for sale, shared by real estate agents to market their listings.
- Realtor®: A licensed real estate agent who is a member of the National Association of Realtors® (NAR).
Real Estate Transactions
- Buyer's agent: A real estate agent who represents the buyer in a transaction.
- Closing costs: Fees associated with purchasing or selling real estate, such as title insurance, origination fees, and taxes.
- Comparative market analysis (CMA): A process of estimating a property's value by comparing it to similar properties that have recently sold.
- Contract: A legally binding agreement outlining the terms of a real estate transaction.
- Deed: A legal document that transfers ownership of property from one party to another.
- Earnest money: A deposit made by the buyer to show serious intent to purchase a property.
- Escrow officer: A licensed professional who oversees the escrow process.
- Listing: A property that is marketed for sale through a real estate agent.
- Offer: A proposal to purchase a property at a specific price and terms.
- Short sale: Selling a property for less than the amount owed on the mortgage.
The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. of , Inc. Copyright 2020 M.L.S. of , Inc. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The data relating to real estate for sale on this Website come in part from the Broker Reciprocity Program (BR Program) of M.L.S. of , Inc. Properties listed with brokerage firms other than are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program.