Glossary
Clear definitions of key real estate and mortgage terms
Down Payment
Upfront amount paid from your own funds when purchasing a property.
Pre-approval
Preliminary mortgage screening that helps estimate your borrowing range.
Final Approval
Formal mortgage review after pre-approval, based on submitted documents.
Important Matters Explanation
A legally required explanation of contract conditions before signing.
Deposit (Earnest Money)
Payment made at contract signing as part of the transaction commitment.
Closing Costs
Additional costs such as registration, brokerage fee, and insurance.
Ownership Transfer Registration
Legal process to transfer ownership rights to the buyer.
Fixed Asset Tax
Annual tax imposed on property owners and part of long-term holding cost.