1) Appraisal - Written explanation of the fair market value of a property. Usually based on comparable home sales in the same area.

2) Title - The right to, or ownership of, something. Represented by evidence of ownership such as a deed or bill of sale.

3) Closing – The meeting between the buyer, seller, and the agents to finalize a home sale. This is where the documents are signed, and money is exchanged.

4) Commission – Monies paid to the REALTOR® for their services in a real estate transaction. Usually a percentage of the sales price, but may be a flat fee.

5) Deed – The legal document used to show title to property.

6) Home Inspection – Thorough inspection of a property by a professional who evaluates the structural and mechanical condition of the home. Inspections are generally a requirement in the closing contract.

7) Homeowners' Association – Organization that oversees neighborhoods, PUDs, and Condos. Used to manage common areas and to ensure that covenants are not broken.

8) Lien – Legal claim against a property that must be satisfied by the time the property is sold. (i.e. mortgage, trust deed, security deed).

9) Power of Attorney – Written permission for a person to sign legal documents on behalf of another party.

10) Recording – Noting the details of legal transactions, such as real estate sales, mortgage notes, etc, making them a matter of public record.

11) Survey - Map of a property outlining the boundaries of a property, location of improvements, easements, and encroachments.