First Time Home Buyers Homeownership

The 10 Most Common Real Estate Terms

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Real Estate Terms

Here are a few basic real estate terms:

ACCEPTANCE DATE- The date of which the buyer’s written offer is accepted by the seller.

BINDING AGREEMENT- A written agreement, between buyer and seller, to do or not to do a certain thing.

CLOSING COST- Various fees and expenses payable by the seller and buyer at the time of closing.

CLOSING DATE-The date on which the seller delivers the deed and the buyer pays for the property.

CONTINGENCIES- A clause in a purchase contract outlining conditions that must be fulfilled before the contract is executed. Contingencies may be included by both, buyer or seller, and must be accepted by both parties.

EARNEST MONEY- A deposit made by the purchaser to evidence Good Faith. Often it becomes part of the down payment, if the offer is accepted.

EXHIBIT- A document used to present or expose.

LEGAL DESCRIPTION- A legally acceptable definition of real estate by government rectangular survey, metes and bounds, or recorded plat.

OFFER- An expression of willingness to purchase a property at a specified price or willingness to sell.

PURCHASE PRICE- The price at which real estate was actually purchased.

By Dana Ash-McGinty

Dana Ash-McGinty is the Principal Broker of ASH | MCGINTY, a Washington, DC Real Estate Brokerage. This real estate maven has 15+ years experience in residential, commercial and land sales in addition to multi-state residential renovation, re-zoning, and condo conversion projects. A sought after real estate authority, she has been featured on CNN and in various real estate and financial publications. Dana is married to the highly esteemed Dr. Dana W. McGinty, a Washington, DC internal medicine physician and medical correspondent. They are often referred to as "The Danas".

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