An abstract of title is a historical summary of everything that affects ownership of a specific property. The abstract will include the chain of owners of the property, recorded easements, mortgages, wills, tax liens (leans), judgments, pending lawsuits, marriages, and anything else that affects the title.

An appraisal is an expert judgment or estimate of the value of real estate as of a given date, based on market comparison. The following factors are used to determine the value of the property: the amount of land and landscaping, the size and number of rooms and bathrooms, the size of the kitchen and its storage space, the size and condition of the basement, attic and screened-in porches, and the quality of construction.

Condominiums and cooperatives are forms of shared property ownership. They are attractive to people who want property without having to care for a yard or other outdoor maintenance.

Curb appeal is a term used to refer to how attractive a piece of property is to a prospective buyer who approaches it from the street. Maximizing curb appeal is an important step in selling a home, as this is the first impression the buyer receives.

Down payment's the cash buyers give sellers in addition to the mortgage amount. There's no limit to how large a down payment can be, although loan terms often require a minimum amount.

Eminent domain is the right of the government to take ownership of privately-held real estate regardless of the owner's wishes. Land for schools, freeways, parks, public housing, and other social and public interests are obtained in this manner and the structures on the existing land may be condemned and destroyed.

Equity is what a house is worth, versus what is owed on its mortgage. Your home's equity can increase in two ways. First, you can continue to pay your mortgage, so an increasing amount of the value is your equity.

A real estate listing is a written agreement between a property owner and a real estate broker or agent. The owner and the broker or agent together determine the best length of time for a particular listing agreement.

A mortgage loan is usually paid back in installments--typically once a month. This method of payment is called amortization (am-ert-i-zation). Because amortization spreads the loan into several installments over a period of time, it reduces the debt gradually.

Amortization is what allows the majority of home buyers to purchase a house. Most homes are not paid for with cash, but with a loan, This loan's payments are spread out over a number of years.

Foreclosure is the lender's right to force the mortgagee, or homeowner, to leave the property. Foreclosure is possible because the loan made to the homeowner was 'guaranteed,' meaning the lender was promised return on the loan.

'HUD,' (hud) or Housing and Urban Development, is a federal agency. It oversees homes the government owns due to repossession, as well as ensuring tenants and renters are treated fairly under the law.