Santa Barbara Real Estate Terms & Definitions
Real Estate Related terms
- Deed: The legal document conveying title to a property.
- Deposit: A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit."
- Easement: A right of way giving persons other than the owner access to or over a property.
- Fixture: Personal property that becomes real property when attached in a permanent manner to real estate.
- Grantee: The person to whom an interest in real property is conveyed.
- Grantor: The person conveying an interest in real property.
- Real Estate: Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.
- Real Property:
- Realtor: A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors. Interesting in working with a local realtor? Daniel is a license realtor familiar with Santa Barbara county real estate trends. Click here to learn more about Daniel and his team.
- Sales Associate:
- Sales Agent:
- Real Estate Agent: A person licensed to negotiate and transact the sale of real estate. For a professional and knowledgeable Santa Barbara real estate agent click here.
- Real Estate Investment
- Escrow: An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.
- Escrow Period:
- Estate: The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.
- Real Estate Broker:
- Agency:
- Exclusive Listing Agreement: A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
- One-party listing agreement
- Fair Market Value: The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.
- Fee Simple Estate: An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.
- Deed of Trust: Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing.
- Disclosures
- Inspections
Financing Related Terms
- Adjustable-Rate Mortgage: A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.
- Loan:
- Mortgage
- Mortgage Broker:
- Lender:
- Creative financing
- Owner-Carrying financing
Credit Related Terms
- Credit:
- Credit Score:
- FICO Score:
- Credit History
- Debt
- Foreclosure
- Credit Report
For a complete list of Real Estate and Mortgage related terms visit www.realestateabc.com.
Santa Barbara Real Estate Blog - News, real estate market updates and insights from Daniel Zia and the ZiaGroup team. Visit the Santa Barbara Real Estate Blog by clicking here.
