A

Abstract (Of Title)
A summary of the public records relating to the title to a particular piece of land. An attorney or title 

insurance company reviews an abstract of title to determine whether there are any title defects which  must be cleared before a buyer can purchase clear, marketable, and insurable title.

Appraisal

1) An estimate of the quantity, quality or value of something.  2) The process through which conclusions of property value are obtained.

B

C

Closing Costs
The numerous expenses which buyers and sellers normally incur to complete a transaction in the transfer of ownership of real estate. These costs are in addition to price of the property and are items prepaid at  the closing day.  A typical list might include:

Buyers Expenses                                                                             Seller's Expenses Appraisal and Inspection                                                                                 Closing Fee and Title Exam
Escrow Fees                                                                                                                        Owner's Title Policy
Lender's Title Insurance                                                                                      Real Estate Commissions
Recording Deed and Mortgage                                                                                                   Title Search
Survey Charge

Cloud (On Title)
An outstanding claim or encumbrance which adversely affects the marketability of title.
 

Comparative Market Analysis (CMA)
A comparison of the prices of recently sold homes that are similar to the subject property in terms of  location, style and amenities .  Based on this analysis, a real estate broker or salesperson can help the owner determine a listing price.
 

Conditional Offer
An offer to buy a property, but only under certain circumstances (for example, the buyer receives

financing or sells her old home first).

D

Deed
A formal written instrument by which title to real property is transferred from one owner to another. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the State where the property is located, and should be delivered to the purchaser at closing day. There are two parties to a deed: the grantor and the grantee. (See also deed of trust, general warranty deed, quitclaim deed, and special warranty deed.)

Deed of Trust
Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower, the trustee, and the lender, (or beneficiary). In such a transaction, the borrower transfers the legal title for the property to the trustee  who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, he defaults in the payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust. In most jurisdictions where the deed of trust is in force, the borrower is subject to having his property sold without benefit of legal proceedings. A few States have begun in recent years to treat the deed of trust like a mortgage.

E

Earnest Money
The deposit money given to the seller or his agent by the potential buyer upon the signing of the

agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest  money is applied against the down payment. If the sale does not go through, the earnest money will be forfeited or lost unless the binder or offer to purchase expressly provides that it is refundable.
 

Equity
The portion of a property you own outright. If, for example, you put 20 percent down on a house, you have 20 percent equity in your property. Over time, you earn more equity as you pay off the mortgage.