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Glossary of Real Estate Terms

Quitclaim Deed vs. Warranty Deed

Definition A Quitclaim Deed and a Warranty Deed are both legal instruments used to transfer property ownership, but they differ significantly in the level of protection they offer to the buyer. A Quitclaim Deed transfers whatever ...

Real Estate Investment Trust (REIT)

Definition A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate across various sectors, such as residential, commercial, and industrial properties. REITs allow investors to buy ...

Real Estate Owned (REO)

Real estate owned (REO) is a term used to describe a property that is owned by a lender after it has been repossessed and not sold at a foreclosure auction. When homeowners default on their loans, the bank takes possession of the property and a...

Real Estate Syndication

Definition Real estate syndication is a group investment strategy where multiple investors pool their capital to buy, develop, or manage large real estate properties. A syndicator (sponsor) oversees the investment, while passive investo...

Redemption Period

Definition The Redemption Period is a legally specified time frame during which a homeowner can reclaim their foreclosed property by paying off the outstanding debt, including missed payments, interest, and fees. The length and availability...

Rent-to-Own Agreement

Definition A Rent-to-Own Agreement, also known as a lease-option or lease-purchase agreement, is a contract that allows a tenant to rent a property with the option to buy it at a predetermined price before the lease expires. The tenant typi...

Reserves

Definition Reserves refer to funds set aside by a homeowner, lender, or homeowners association (HOA) for future expenses, repairs, or emergencies related to real estate. These funds ensure financial stability and help cover unexpected costs, s...

Right of First Refusal (ROFR)

Definition The Right of First Refusal (ROFR) is a contractual agreement that gives a specific party the first opportunity to purchase a property before the owner sells it to someone else. If the property owner decides to sell, the party holdin...

Seller Concessions

Definition Seller concessions are financial incentives or contributions that the seller offers to help the buyer cover closing costs, prepaid expenses, or repairs. These concessions make home purchases more affordable by reducing the upfront...

Seller’s Agent

Definition: A seller’s agent, also known as a listing agent, is a real estate professional who represents the seller in a property transaction. Their primary responsibility is to market the home, attract potential buyers, negotiate offers, an...

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