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As you may have learned while shopping for your new home, the real estate industry can sometimes feel like it has a language all its own. And while many terms in real estate are universal throughout the nation, for example “title insurance,” which protects your property against hidden liens or potential ownership issues, always means “title insurance,” words describing or relating to the same thing often differ considerably in various parts of the country. For example, “closing” in one area is sometimes called a “settlement” or “escrow” in another.
The Home Closing 101 Real Estate Glossary provides simple definitions for some of the most common terms you can expect to hear during the closing process.
While this glossary is intended to provide accurate explanations and definitions for some of the most common real estate terms, this page is not exhaustive and may not be 100 percent accurate in all jurisdictions. Thus, these definitions are for general purposes only and should not be used for legal purposes. Please consult with your local title company, real estate agent or lender to see if these terms apply in your area.