Real estate has its own language — and if you’re buying or selling a home, it can sometimes feel like everyone else understands the terms except you. I believe no one should feel confused, rushed, or unsure during such an important decision.
When I work with clients across Gilbert, Chandler, Mesa, Queen Creek, Scottsdale, and Phoenix, one of my priorities is translating industry jargon into plain, practical language — so you always know what’s happening and why it matters.
Here’s a simple, buyer- and seller-friendly guide to the most common real estate terms you’ll hear along the way.
Common Real Estate Terms Explained Simply
Appraisal
A professional estimate of a home’s value, ordered by the lender to confirm the price aligns with market data.
As-Is
The seller is offering the home in its current condition, without agreeing to make repairs.
Closing Costs
Fees paid at closing, which may include lender charges, title fees, escrow fees, taxes, and insurance.
Contingency
A condition that must be met for the contract to move forward, such as inspections or loan approval.
Earnest Money
A deposit showing the buyer’s commitment to the purchase. This amount is typically applied toward closing costs.
Escrow
A neutral third party that holds funds and documents while the transaction moves toward closing.
HOA (Homeowners Association)
An organization that manages community rules, maintenance, and shared amenities. Fees vary by community.
Inspection Period
The time frame when the buyer can inspect the home and request repairs or credits if needed.
Listing Agreement
A contract between a seller and their agent outlining how the home will be marketed and sold.
Loan Pre-Approval
A lender’s confirmation of how much a buyer can borrow, based on financial review.
Multiple Offer Situation
When more than one buyer submits an offer on the same property.
Principal
The amount of money borrowed on a mortgage — not including interest.
Purchase Contract
The legal agreement between buyer and seller outlining price, terms, and timelines.
Seller Concessions
Costs the seller agrees to cover on behalf of the buyer, such as certain closing fees.
Title
Legal ownership of the property. Title companies ensure the property can be transferred cleanly.
Under Contract
The seller has accepted an offer, and the transaction is moving through inspections and financing.
Terms Buyers Hear Often
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Down Payment – The portion of the purchase price paid upfront by the buyer
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Fixed-Rate Mortgage – A loan with the same interest rate for the life of the loan
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Rate Lock – Holding an interest rate for a set period
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Final Walkthrough – Buyer’s last review of the property before closing
Terms Sellers Hear Often
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Days on Market (DOM) – How long the home has been listed
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Net Proceeds – The amount the seller receives after all costs are paid
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Price Adjustment – A change to the listing price
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Pre-Listing Preparation – Steps taken to prepare the home before it goes live
Why Understanding the Language Matters
When you understand the terminology:
✔ You feel more confident
✔ You ask better questions
✔ You make stronger decisions
✔ You stay in control of the process
My role isn’t just to negotiate — it’s to guide, explain, and advocate so you never feel lost.
FAQs: Real Estate Terminology
Q: Do I need to understand every term before starting?
A: No — that’s my job. I’ll explain everything as we go.
Q: Will contracts be explained before I sign?
A: Absolutely. You should never feel rushed or uncertain.
Q: Are these terms the same across all states?
A: Some vary. Arizona has specific processes I’ll walk you through clearly.
Q: Should buyers or sellers worry about asking “basic” questions?
A: Never. Clear understanding is essential.
Q: Can real estate jargon affect negotiations?
A: Yes — knowing what terms mean helps you evaluate options confidently.
The Bottom Line
Real estate doesn’t have to feel complicated or overwhelming. When you understand the language, the process becomes clearer — and your decisions become stronger. My goal is to make sure you always know what’s happening and why it matters.
Thinking About Buying or Selling in Gilbert, Chandler, Mesa, Queen Creek, Scottsdale, or Phoenix?
Let’s talk through your questions and create a plan that makes sense — in plain language, every step of the way.
📞 480-980-4400
📧 [email protected]
🌐 www.denisehurd.com
Clarity builds confidence. Let’s move forward together.