{"id":303,"date":"2026-06-19T10:32:21","date_gmt":"2026-06-19T10:32:21","guid":{"rendered":"https:\/\/digiestatemarketingagency.com\/realestate\/?page_id=303"},"modified":"2026-06-19T10:32:21","modified_gmt":"2026-06-19T10:32:21","slug":"real-estate-glossary-50-terms-digiestate","status":"publish","type":"page","link":"https:\/\/digiestatemarketingagency.com\/realestate\/real-estate-glossary-50-terms-digiestate\/","title":{"rendered":"Real Estate Glossary: 50 Terms Every Buyer, Seller &#038; Broker Should Know"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"303\" class=\"elementor elementor-303\">\n\t\t\t\t<div class=\"elementor-element elementor-element-39e6624 e-flex e-con-full e-con e-parent\" data-id=\"39e6624\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3039343 elementor-widget elementor-widget-html\" data-id=\"3039343\" data-element_type=\"widget\" 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during a real estate transaction.\"}]}]}<\/script><div class=\"dma-blog\">\n<div class=\"bc\"><div class=\"wa\"><a href=\"\/realestate\/\">Home<\/a><span>\/<\/span><a href=\"\/realestate\/blog-real-estate-marketing-insights-digiestate\/\">Blog<\/a><span>\/<\/span>Real Estate Glossary<\/div><\/div>\n<section class=\"hero\"><div class=\"wa\">\n<div class=\"tag\">Glossary \u00b7 Reference<\/div>\n<h1>Real estate <em>glossary<\/em>: 50 terms every buyer, seller & broker should know<\/h1>\n<div class=\"meta\"><span>By Digiestate<\/span><span>\u00b7<\/span><span>28 min read<\/span><span>\u00b7<\/span><span>50 terms<\/span><span>\u00b7<\/span><span>Updated June 2026<\/span><\/div>\n<\/div><\/section>\n<article><div class=\"wa\">\n\n<p>Real estate is full of jargon that sounds intentional. \"Contingent\" means one thing in California and another in New York. \"Pending\" means the deal is almost done \u2014 or almost dead. \"Escrow\" can refer to three different things in the same sentence. This glossary explains 50 of the most-searched real estate terms in plain English, so you can stop guessing what your agent is telling you.<\/p>\n<p>If you are a real estate broker, agent, or team leader, share this with your buyers and sellers. It will save you a hundred conversations.<\/p>\n\n<div class=\"gloss-toc\">\n<h3>Jump to a section<\/h3>\n<div class=\"gloss-toc-grid\">\n<a href=\"#status\">\u2192 Listing Status (10)<\/a>\n<a href=\"#types\">\u2192 Listing Types (8)<\/a>\n<a href=\"#money\">\u2192 Money & Finance (12)<\/a>\n<a href=\"#process\">\u2192 The Process (10)<\/a>\n<a href=\"#people\">\u2192 People & Roles (5)<\/a>\n<a href=\"#legal\">\u2192 Legal & Contracts (5)<\/a>\n<\/div>\n<\/div>\n\n<h2 id=\"status\">Listing <em>status<\/em> terms<\/h2>\n<p>These are the labels you see on Zillow, Realtor.com, and the MLS that tell you where a listing stands in the transaction.<\/p>\n<div class=\"term\" id=\"contingent\"><h3><span class=\"n\">01<\/span>What does contingent mean in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A contingent listing means the seller has accepted an offer, but the deal depends on certain conditions being met \u2014 usually inspection, financing approval, appraisal, or the buyer selling their current home.<\/div><\/div><p>Contingent is the most-misunderstood status in real estate. Buyers see \"contingent\" and assume the home is sold. It is not. A contingent property has an active offer subject to conditions, and those conditions fail more often than most buyers realize \u2014 between 5% and 10% of contingent deals fall apart before closing.<\/p><p>The most common contingencies in a typical purchase agreement: <strong>inspection<\/strong> (buyer can back out if inspection reveals serious issues), <strong>financing<\/strong> (mortgage denied), <strong>appraisal<\/strong> (comes in below offer), and <strong>home sale<\/strong> (buyer cannot sell current home).<\/p><p>If you are a buyer and you find a contingent listing you love, ask your agent to submit a backup offer. If the primary deal falls through, you move to the front of the line.<\/p><\/div><div class=\"term\" id=\"pending\"><h3><span class=\"n\">02<\/span>What does pending mean in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Pending means a real estate transaction has cleared all contingencies and the buyer and seller are moving toward closing. The deal is much closer to \"done\" than a contingent listing.<\/div><\/div><p>A pending status is the home stretch. By the time a listing goes pending, the inspection has happened, the appraisal has cleared, financing is locked, and any other contingencies have been resolved or waived. What is left is paperwork, walkthrough, and the actual closing day.<\/p><p>Pending deals still fall through about 3-5% of the time. The most common reasons: buyer's loan denied at final underwriting, title issues surface late, buyer fails the final walk-through, or one party decides to walk and accept the legal penalty.<\/p><\/div><div class=\"term\" id=\"under-contract\"><h3><span class=\"n\">03<\/span>What does under contract mean in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Under contract means a seller has accepted a buyer's offer and both parties have signed the purchase agreement. \"Under contract\" is the umbrella term that covers both contingent and pending status.<\/div><\/div><p>When a listing goes \"under contract\" in your local MLS, the seller accepted an offer, the buyer signed a purchase agreement, earnest money has been deposited into escrow, and the transaction timeline has officially begun. Depending on the state, the listing then displays as either contingent or pending.<\/p><\/div><div class=\"term\" id=\"active-under-contract\"><h3><span class=\"n\">04<\/span>What does active under contract mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Active Under Contract is a California-specific MLS status meaning the seller has accepted an offer but is still actively accepting backup offers.<\/div><\/div><p>Other states use different terms for the same concept \u2014 \"Under Contract Continue to Show\" or \"Contingent Continue to Show.\" The functional meaning is the same: the seller has accepted an offer and is still entertaining backup offers.<\/p><p>For buyers, this is your best opportunity to submit a backup offer on a home you would have lost. If the primary buyer's inspection or financing fails, you move into first position automatically.<\/p><\/div><div class=\"term\" id=\"coming-soon\"><h3><span class=\"n\">05<\/span>What does coming soon mean in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Coming Soon is a pre-market status meaning a listing has been entered into the MLS but is not yet available for showings. Typically 5-14 days before the official market date.<\/div><\/div><p>Coming Soon listings show up on Zillow and Realtor.com but cannot be toured yet. The seller is preparing the home, finishing repairs, or timing the launch for maximum exposure. Some markets restrict how long a listing can sit in Coming Soon \u2014 usually 7 to 21 days.<\/p><\/div><div class=\"term\" id=\"back-on-market\"><h3><span class=\"n\">06<\/span>What does back on market mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Back on Market (BOM) means a listing was previously under contract but the deal fell through, and the seller has relisted it.<\/div><\/div><p>BOM listings are often a buying opportunity. The seller has already started over psychologically and may be more motivated to negotiate.<\/p><p>If you see a Back on Market listing, ask your agent to find out why the previous deal fell through. If it was an inspection failure, you want the inspection report before bidding. If it was financing, the property is probably fine.<\/p><\/div><div class=\"term\" id=\"expired-listing\"><h3><span class=\"n\">07<\/span>What does expired listing mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">An expired listing means the listing agreement between the seller and the listing agent ended without a sale.<\/div><\/div><p>Expired listings are a goldmine for agents \u2014 sellers who just had a frustrating experience and are likely still motivated to sell. For buyers, expired listings may indicate a property that was overpriced or had issues that scared off buyers.<\/p><\/div><div class=\"term\" id=\"withdrawn-listing\"><h3><span class=\"n\">08<\/span>What does withdrawn listing mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A withdrawn listing means the seller pulled the property off the market before the listing agreement expired.<\/div><\/div><p>Withdrawn listings are different from expired listings. The seller might be doing repairs, dealing with a family situation, or waiting for a better market. If you are interested, your agent can reach out to gauge if the seller would entertain a private offer.<\/p><\/div><div class=\"term\" id=\"sold\"><h3><span class=\"n\">09<\/span>What does sold mean in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Sold means the transaction has closed \u2014 the deed has been recorded, the seller has been paid, and the buyer owns the property.<\/div><\/div><p>\"Sold\" data is the most valuable information on the MLS for both pricing strategy and market analysis. Recent sold comparables determine appraisals, listing prices, and buyer offer strategy. Agents call this \"comps.\"<\/p><\/div><div class=\"term\" id=\"off-market\"><h3><span class=\"n\">10<\/span>What does off market mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Off Market means a property is not currently listed for sale on the MLS. It does not mean unavailable.<\/div><\/div><p>Off-market deals are common in high-end real estate and investor circles. Sellers who want privacy, are testing the market, or do not want to deal with showings will market off-MLS through their agent's network.<\/p><\/div>\n<div class=\"blog-cta\">\n<h3>Marketing real estate? We help <em>brokerages and teams<\/em> scale.<\/h3>\n<p>If you run a brokerage or team \u2014 we build content systems like this glossary for brokerages across the US and Canada. One monthly retainer.<\/p>\n<a class=\"btn\" href=\"\/realestate\/book-a-discovery-call-digiestate\/\">Book a discovery call \u2192<\/a>\n<\/div>\n\n<h2 id=\"types\">Listing <em>types<\/em> & sale categories<\/h2>\n<p>These terms describe what kind of listing or sale you are looking at.<\/p>\n<div class=\"term\" id=\"exclusive-right-to-sell\"><h3><span class=\"n\">11<\/span>What is exclusive right to sell?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Exclusive Right to Sell is the standard listing agreement in the US. The seller agrees that the listing agent gets a commission regardless of who finds the buyer.<\/div><\/div><p>This is by far the most common listing agreement type. The seller signs a contract for 3-6 months giving the agent the sole right to market and earn commission on the sale. In exchange, the agent invests in marketing, photography, signage, and showings.<\/p><\/div><div class=\"term\" id=\"open-listing\"><h3><span class=\"n\">12<\/span>What is an open listing?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">An open listing means the seller can list with multiple agents simultaneously, and only the agent who brings the actual buyer earns commission.<\/div><\/div><p>Open listings are most common with commercial real estate, FSBO sellers willing to pay buyer's agent commission, and unusual situations. For residential sellers, open listings typically produce less marketing and lower prices.<\/p><\/div><div class=\"term\" id=\"net-listing\"><h3><span class=\"n\">13<\/span>What is a net listing?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A net listing is an agreement where the seller sets a \"net\" amount they need to receive, and the agent keeps any amount above that as commission. Banned in most US states.<\/div><\/div><p>Net listings are legal in Texas and a handful of other states but are considered ethically problematic and rarely used. Most state real estate commissions prohibit them outright.<\/p><\/div><div class=\"term\" id=\"fsbo\"><h3><span class=\"n\">14<\/span>What does FSBO mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">FSBO stands for \"For Sale By Owner.\" It is a seller selling their home without a listing agent.<\/div><\/div><p>FSBO sales are a small percentage of transactions \u2014 7% of sales in 2024 according to NAR \u2014 and FSBO homes sell for an average of $100,000 less than agent-listed homes in the same market.<\/p><\/div><div class=\"term\" id=\"mls\"><h3><span class=\"n\">15<\/span>What is the MLS in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">MLS stands for Multiple Listing Service. It is the private, agent-only database where listings are entered. There is no single national MLS \u2014 there are over 600 regional systems across the US.<\/div><\/div><p>Zillow, Realtor.com, and Redfin all pull their data from regional MLS systems. For agents and brokerages, MLS access is essential. For consumers, public sites show MLS data with a 15-minute to several-hour delay.<\/p><\/div><div class=\"term\" id=\"reo\"><h3><span class=\"n\">16<\/span>What is an REO property?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">REO stands for Real Estate Owned. A property that went through foreclosure, did not sell at auction, and is now owned by the bank.<\/div><\/div><p>REO properties can be good deals because banks are not emotional sellers. But they come with caveats: sold \"as-is,\" may have deferred maintenance, and sometimes have title issues.<\/p><\/div><div class=\"term\" id=\"short-sale\"><h3><span class=\"n\">17<\/span>What is a short sale in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A short sale is when a homeowner sells their property for less than they owe on the mortgage, with the lender's approval.<\/div><\/div><p>Short sales can take 3-6 months to close because the lender must approve every offer. The upside is potential discount; the downside is uncertainty and timeline.<\/p><\/div><div class=\"term\" id=\"hud-home\"><h3><span class=\"n\">18<\/span>What is a HUD home?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A HUD home is a property that was financed with an FHA loan, went into foreclosure, and is now owned by the US Department of Housing and Urban Development.<\/div><\/div><p>HUD homes are sold \"as-is\" and typically come with a priority bidding window for owner-occupant buyers before investors get access.<\/p><\/div>\n<h2 id=\"money\"><em>Money<\/em> & finance terms<\/h2>\n<p>The terms that show up in your wallet \u2014 from earnest money on day one to closing costs on closing day.<\/p>\n<div class=\"term\" id=\"earnest-money\"><h3><span class=\"n\">19<\/span>What is earnest money?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Earnest money is a deposit a buyer makes when submitting an offer to show serious intent. Typically 1-3% of the purchase price, held in escrow until closing.<\/div><\/div><p>If the buyer backs out for reasons not covered by their contingencies, they typically forfeit the earnest money. If contingencies fail and the deal collapses, the buyer gets the earnest money refunded.<\/p><p>In competitive markets, larger earnest money deposits \u2014 5% or 10% \u2014 can strengthen an offer.<\/p><\/div><div class=\"term\" id=\"escrow\"><h3><span class=\"n\">20<\/span>What does escrow mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Escrow refers to a neutral third party holding funds and documents during a real estate transaction. Releases the money and deed only when all conditions of the sale are met.<\/div><\/div><p>Escrow protects both parties. The buyer's earnest money is held by escrow, not the seller. The seller's deed is held by escrow until the buyer's payment clears. On closing day, escrow distributes funds and records the deed transfer.<\/p><\/div><div class=\"term\" id=\"closing-costs\"><h3><span class=\"n\">21<\/span>What are closing costs?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Closing costs are the fees due at closing beyond the home's purchase price. Buyers typically pay 2-5%; sellers pay 6-10% (mostly agent commissions).<\/div><\/div><p>Closing costs include loan origination fees, title insurance, escrow fees, transfer taxes, prepaid property taxes and insurance, and recording fees. Buyers should ask their lender for a Loan Estimate within 3 days of applying.<\/p><\/div><div class=\"term\" id=\"closing-disclosure\"><h3><span class=\"n\">22<\/span>What is a closing disclosure?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A Closing Disclosure (CD) is a 5-page document the lender must provide to the buyer at least 3 business days before closing.<\/div><\/div><p>The Closing Disclosure replaced the old HUD-1 Settlement Statement under the 2015 TRID rules. The 3-day waiting period is mandatory. Buyers should compare the CD to the original Loan Estimate.<\/p><\/div><div class=\"term\" id=\"pre-approval\"><h3><span class=\"n\">23<\/span>Pre-approval vs pre-qualification: what is the difference?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Pre-qualification is an informal estimate of what you can borrow. Pre-approval is a verified commitment from a lender after reviewing your credit, income, and assets.<\/div><\/div><p>If you are seriously shopping for a home, get pre-approved before you make offers. A pre-approval letter on a competitive offer is the difference between being taken seriously and being ignored.<\/p><\/div><div class=\"term\" id=\"cash-offer\"><h3><span class=\"n\">24<\/span>What does cash offer mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A cash offer means the buyer is paying the full purchase price in cash without using a mortgage. Cash buyers can close faster (7-14 days) and remove the appraisal risk.<\/div><\/div><p>Cash buyers can typically negotiate a 1-3% discount on the listed price. In hot markets, cash offers can win even when financed offers are higher.<\/p><\/div><div class=\"term\" id=\"title-insurance\"><h3><span class=\"n\">25<\/span>What is title insurance?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Title insurance is a one-time policy that protects the buyer and the buyer's lender against losses if undisclosed claims, liens, or ownership issues surface after closing.<\/div><\/div><p>There are two types: lender's title insurance (required by every mortgage lender) and owner's title insurance (optional but recommended). The cost is paid once at closing \u2014 typically $1,000-$3,500 for an average home.<\/p><\/div><div class=\"term\" id=\"down-payment\"><h3><span class=\"n\">26<\/span>What is a down payment?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A down payment is the portion of the home's purchase price the buyer pays upfront in cash. Ranges from 0% (VA loans) to 20%+ (conventional with no PMI).<\/div><\/div><p>Common options: 0% (VA, USDA), 3-3.5% (FHA), 5-10% (conventional with PMI), 20%+ (conventional no PMI). Larger down payments lower monthly payments and eliminate PMI, but tie up cash.<\/p><\/div><div class=\"term\" id=\"appraisal\"><h3><span class=\"n\">27<\/span>What is an appraisal in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">An appraisal is a professional valuation of a property's market value, ordered by the lender to confirm the home is worth what the buyer is paying.<\/div><\/div><p>Appraisals cost $400-$800 and are paid by the buyer. If the appraisal comes in below the offer price, the deal hits a fork: challenge, lower price, pay difference, or walk away.<\/p><\/div><div class=\"term\" id=\"1031-exchange\"><h3><span class=\"n\">28<\/span>What is a 1031 exchange?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A 1031 exchange lets a real estate investor sell an investment property and reinvest the proceeds into a like-kind investment property \u2014 without paying capital gains tax on the sale.<\/div><\/div><p>The rules are strict: 45 days to identify replacement properties, 180 days to close, funds held by qualified intermediary. Only applies to investment properties, not primary residences.<\/p><\/div><div class=\"term\" id=\"mortgage-contingency\"><h3><span class=\"n\">29<\/span>What is a mortgage contingency?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A mortgage contingency gives the buyer the right to back out without losing earnest money if they cannot get final loan approval within a set window \u2014 typically 21-30 days.<\/div><\/div><p>This is the single most important contingency for financed buyers. Even with pre-approval, final underwriting can deny a loan if your credit changes, job changes, or the property appraisal causes issues.<\/p><\/div><div class=\"term\" id=\"foreclosure\"><h3><span class=\"n\">30<\/span>What does foreclosure mean?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Foreclosure is the legal process where a lender takes ownership of a property because the borrower has stopped making mortgage payments.<\/div><\/div><p>Judicial foreclosure takes 6-18 months. Non-judicial (California, etc.) can complete in 4-6 months. Properties can be purchased at multiple stages: pre-foreclosure, at auction, or after the bank takes them as REO.<\/p><\/div>\n<div class=\"blog-cta\">\n<h3>Run a brokerage? We <em>handle the stack<\/em>.<\/h3>\n<p>Content, CRM, social, video, SEO \u2014 built for brokerages. One monthly retainer, one accountable team.<\/p>\n<a class=\"btn\" href=\"\/realestate\/book-a-discovery-call-digiestate\/\">Book a discovery call \u2192<\/a>\n<\/div>\n\n<h2 id=\"process\">The transaction <em>process<\/em><\/h2>\n<p>The steps between \"offer accepted\" and \"keys in hand.\"<\/p>\n<div class=\"term\" id=\"closing\"><h3><span class=\"n\">31<\/span>What is closing in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Closing is the day the property officially changes hands. Most closings happen 30-45 days after the offer is accepted; cash deals can close in 7 days.<\/div><\/div><p>On closing day, the buyer typically signs 50-100 pages of documents, the seller signs the deed, escrow distributes all the money, and the title company records the deed transfer at the county recorder's office.<\/p><\/div><div class=\"term\" id=\"home-inspection\"><h3><span class=\"n\">32<\/span>What is a home inspection?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A home inspection is a professional examination of a property's condition. Covers structural, electrical, plumbing, HVAC, roof, and major systems. Typically costs $300-$600.<\/div><\/div><p>Inspections protect the buyer from surprises. Based on the findings, the buyer can negotiate repairs, request seller credits, or walk away (if they have an inspection contingency).<\/p><\/div><div class=\"term\" id=\"appraisal-contingency\"><h3><span class=\"n\">33<\/span>What is an appraisal contingency?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">An appraisal contingency lets the buyer back out without losing earnest money if the lender's appraisal comes in below the contract price.<\/div><\/div><p>If the appraisal comes in low, the contingency gives options: renegotiate the price, pay the difference in cash, challenge the appraisal, or walk away.<\/p><\/div><div class=\"term\" id=\"inspection-contingency\"><h3><span class=\"n\">34<\/span>What is an inspection contingency?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">An inspection contingency gives the buyer a window \u2014 typically 7-14 days \u2014 to inspect the property and either accept it, request repairs, negotiate credits, or back out.<\/div><\/div><p>If the buyer and seller cannot agree on requested repairs, the buyer can typically walk away with their earnest money intact.<\/p><\/div><div class=\"term\" id=\"financing-contingency\"><h3><span class=\"n\">35<\/span>What is a financing contingency?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A financing contingency (same as mortgage contingency) protects the buyer if their loan is denied. Typically a 21-30 day window.<\/div><\/div><p>Even with pre-approval, mortgages can be denied during underwriting. The financing contingency is the most important contingency for any buyer using a mortgage.<\/p><\/div><div class=\"term\" id=\"final-walk-through\"><h3><span class=\"n\">36<\/span>What is a final walk-through?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A final walk-through is the buyer's last inspection of the property \u2014 typically 24-48 hours before closing.<\/div><\/div><p>Walk-throughs find more problems than people expect: sellers leave junk, repairs are sloppy, appliances disappear, weather causes damage. If problems surface, the buyer can delay closing or demand credits.<\/p><\/div><div class=\"term\" id=\"due-diligence\"><h3><span class=\"n\">37<\/span>What is due diligence in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Due diligence is the buyer's investigation period between contract acceptance and the contingency deadlines.<\/div><\/div><p>Covers inspections, title research, financing approval, HOA document review, survey. In some states like North Carolina, \"due diligence\" is a specific contract term tied to a non-refundable fee.<\/p><\/div><div class=\"term\" id=\"open-house\"><h3><span class=\"n\">38<\/span>What is an open house?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">An open house is a scheduled time (usually 2-4 hours on a weekend) when a listing agent opens a home for any interested buyer to walk through without an appointment.<\/div><\/div><p>Open houses are marketing events. For brokerages running open houses well, a single weekend can produce 4-8 qualified leads. See our <a href=\"\/realestate\/real-estate-listing-marketing-digiestate\/\">listing marketing service<\/a>.<\/p><\/div><div class=\"term\" id=\"listing-agreement\"><h3><span class=\"n\">39<\/span>What is a listing agreement?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A listing agreement is the contract between a seller and a listing agent that authorizes the agent to market and sell the property.<\/div><\/div><p>Standard listing agreements run 3-6 months. Sellers should read every line \u2014 particularly cancellation terms and what happens if they want to terminate early.<\/p><\/div><div class=\"term\" id=\"counter-offer\"><h3><span class=\"n\">40<\/span>What is a counter offer?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A counter offer is a response to an offer that changes one or more terms. Counter offers reset the negotiation; the original offer is no longer on the table.<\/div><\/div><p>A typical negotiation has 1-3 rounds of counters before agreement or impasse. Each counter offer should be in writing through the agents.<\/p><\/div>\n<h2 id=\"people\"><em>People<\/em> & roles<\/h2>\n<p>Who is who in a real estate transaction.<\/p>\n<div class=\"term\" id=\"agent-vs-realtor-vs-broker\"><h3><span class=\"n\">41<\/span>Real estate agent vs realtor vs broker<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">An agent is licensed to help buy and sell property. A Realtor is an agent who belongs to NAR. A broker has additional licensing and can own a brokerage.<\/div><\/div><p>The career path: agent \u2192 experienced agent \u2192 broker (with additional licensing) \u2192 possibly broker-owner. If you are considering becoming a broker, our <a href=\"\/realestate\/real-estate-lead-generation-support-digiestate\/\">brokerage support services<\/a> are built for new and growing brokerage owners.<\/p><\/div><div class=\"term\" id=\"buyers-agent\"><h3><span class=\"n\">42<\/span>What is a buyer's agent?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A buyer's agent is a real estate agent who exclusively represents the buyer. Their fiduciary duty is to the buyer.<\/div><\/div><p>Following the 2024 NAR settlement, buyer agency agreements are now required upfront in many states. Buyers should expect to sign one before touring homes.<\/p><\/div><div class=\"term\" id=\"listing-agent\"><h3><span class=\"n\">43<\/span>What is a listing agent?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A listing agent is the real estate agent who represents the seller. They market the home, manage showings, negotiate offers, and shepherd the transaction to closing.<\/div><\/div><p>The best ones invest heavily in photography, video, social media, and digital marketing \u2014 which is why brokerages partner with marketing teams like ours.<\/p><\/div><div class=\"term\" id=\"dual-agency\"><h3><span class=\"n\">44<\/span>What is dual agency?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Dual agency is when a single agent represents both buyer and seller in the same transaction. Legal in some states with disclosure; banned in others (notably Florida and Colorado).<\/div><\/div><p>Dual agency is controversial because the agent's fiduciary duty to both parties creates a conflict. Many buyers and sellers prefer separate representation.<\/p><\/div><div class=\"term\" id=\"transaction-coordinator\"><h3><span class=\"n\">45<\/span>What does a transaction coordinator do?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A transaction coordinator (TC) handles the administrative side of a real estate deal \u2014 paperwork, deadlines, document collection, escrow communication, and timeline management.<\/div><\/div><p>For a busy agent doing 30+ transactions a year, a TC is essential. For brokerages, a centralized TC team is one of the highest-leverage operational investments.<\/p><\/div>\n<h2 id=\"legal\"><em>Legal<\/em> & contract terms<\/h2>\n<p>The legal terms that appear on documents you actually sign.<\/p>\n<div class=\"term\" id=\"deed\"><h3><span class=\"n\">46<\/span>What is a deed in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A deed is the legal document that transfers ownership of real estate from seller to buyer. Signed at closing, recorded with the county.<\/div><\/div><p>A warranty deed guarantees clear title; a quitclaim deed only transfers whatever interest the seller has. Most residential transactions use a warranty deed.<\/p><\/div><div class=\"term\" id=\"title\"><h3><span class=\"n\">47<\/span>What is title in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">Title is the legal right to own and use a property. The deed transfers the title. A title search confirms the title is \"clear.\"<\/div><\/div><p>\"Cloud on title\" is a problem with the title that needs resolution before closing. Title insurance protects buyers from undiscovered title problems after closing.<\/p><\/div><div class=\"term\" id=\"lien\"><h3><span class=\"n\">48<\/span>What is a lien on a property?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">A lien is a legal claim against a property used to secure a debt. The most common lien is a mortgage. Other liens come from unpaid taxes, mechanic's liens, or court judgments.<\/div><\/div><p>Liens must be resolved before clear title can transfer. At closing, the seller's mortgage is paid off and that lien is released.<\/p><\/div><div class=\"term\" id=\"easement\"><h3><span class=\"n\">49<\/span>What is an easement?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">An easement is a legal right that allows another party to use a portion of your property for a specific purpose \u2014 utility, driveway, conservation.<\/div><\/div><p>Easements transfer with the property. Most are routine and harmless, but some can limit what you can build or where you can park. Always read the easement language before closing.<\/p><\/div><div class=\"term\" id=\"as-is\"><h3><span class=\"n\">50<\/span>What does \"as-is\" mean in real estate?<\/h3><div class=\"qa\"><span class=\"qa-label\">Quick Answer<\/span><div class=\"qa-text\">\"As-Is\" means the seller will not make any repairs and is selling the property in its current condition. The buyer accepts the property with all known and unknown defects.<\/div><\/div><p>As-is does not mean the buyer can't inspect or back out. In most states, as-is sales still allow inspection contingencies \u2014 the buyer can still walk away based on inspection findings.<\/p><\/div>\n<div class=\"blog-faq\">\n<h2>Common <em>questions<\/em> about real estate terms<\/h2>\n<div class=\"faqs\">\n<details class=\"fq\"><summary>What is the difference between contingent and pending?<span class=\"fq-i\">+<\/span><\/summary><div class=\"a\">Contingent means the seller has accepted an offer but the deal depends on contingencies (inspection, financing, appraisal). Pending means all contingencies have been cleared. Pending is much closer to \"sold.\"<\/div><\/details>\n<details class=\"fq\"><summary>Can a contingent home still be sold to me?<span class=\"fq-i\">+<\/span><\/summary><div class=\"a\">Yes. If the current contingent deal falls through (5-10% of the time), the property comes back on the market. Submit a backup offer to be first in line.<\/div><\/details>\n<details class=\"fq\"><summary>How much earnest money do I need to put down?<span class=\"fq-i\">+<\/span><\/summary><div class=\"a\">Typically 1-3% of the purchase price. In competitive markets, 5-10% can strengthen your offer.<\/div><\/details>\n<details class=\"fq\"><summary>What happens if the appraisal comes in low?<span class=\"fq-i\">+<\/span><\/summary><div class=\"a\">You have options: renegotiate the price, pay the difference in cash, challenge the appraisal, or back out (if you have an appraisal contingency).<\/div><\/details>\n<details class=\"fq\"><summary>What is the most important contingency for a buyer?<span class=\"fq-i\">+<\/span><\/summary><div class=\"a\">The financing contingency. It protects you if your loan is denied during underwriting.<\/div><\/details>\n<details class=\"fq\"><summary>How long does the average real estate transaction take?<span class=\"fq-i\">+<\/span><\/summary><div class=\"a\">30-45 days for financed deals, 7-14 days for cash deals.<\/div><\/details>\n<details class=\"fq\"><summary>What is the difference between an agent and a broker?<span class=\"fq-i\">+<\/span><\/summary><div class=\"a\">An agent must work under a brokerage. A broker has additional licensing and can own a brokerage or operate independently. A Realtor is any agent who belongs to NAR.<\/div><\/details>\n<\/div>\n<\/div>\n\n<\/div><\/article>\n<section class=\"cta-sec\"><div class=\"wa\">\n<h2>Marketing a brokerage? <em>We handle the whole stack.<\/em><\/h2>\n<p>Content like this is what we build for the brokerages we support \u2014 SEO, social, video, CRM, and listing marketing under one monthly retainer. One accountable team. Real results.<\/p>\n<a class=\"btn\" href=\"\/realestate\/book-a-discovery-call-digiestate\/\">Book a discovery call \u2192<\/a>\n<\/div><\/section>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d6f3ed elementor-widget elementor-widget-html\" data-id=\"3d6f3ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>\n\/* Fix: CTA heading color over Astra theme override *\/\n.dma-blog .blog-cta h3,\n.dma-blog .cta-sec h2{color:#1A1A18!important}\n.dma-blog .blog-cta h3 em,\n.dma-blog .cta-sec h2 em{color:#FF3636!important}\n\/* Fix: button text was red-on-red via the article-link rule *\/\n.dma-blog article a.btn,\n.dma-blog article a.btn:visited,\n.dma-blog .btn{color:#fff!important;text-decoration:none!important}\n<\/style>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9383ab0 e-flex e-con-full e-con e-parent\" data-id=\"9383ab0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6df9786 elementor-widget elementor-widget-html\" data-id=\"6df9786\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>.dma-foot{max-width:1140px;width:100%;margin:0 auto;font-family:'Plus Jakarta Sans',sans-serif;color:#fff}.dma-foot-row{display:grid;grid-template-columns:2fr 1fr 1fr 1fr;gap:40px;margin-bottom:36px}.dma-foot .brand-name{font-size:20px;font-weight:700;display:block;margin-bottom:10px}.dma-foot .brand-desc{font-size:13px;color:rgba(255,255,255,.35);line-height:1.5;max-width:240px;margin-top:6px}.dma-foot h4{font-size:11px;font-weight:700;letter-spacing:.08em;text-transform:uppercase;color:rgba(255,255,255,.2);margin-bottom:14px}.dma-foot a{display:block;font-size:13px;color:rgba(255,255,255,.5);text-decoration:none;margin-bottom:9px}.dma-foot a:hover{color:#fff}.dma-foot .brand-row{display:flex;align-items:center;gap:10px;margin-bottom:10px}.dma-foot .brand-row img{height:34px}.dma-foot-bot{padding-top:22px;margin-top:36px;border-top:1px solid rgba(255,255,255,.06);font-size:12px;color:rgba(255,255,255,.2);text-align:center}@media(max-width:1024px){.dma-foot-row{grid-template-columns:1fr 1fr}}@media(max-width:700px){.dma-foot-row{grid-template-columns:1fr;gap:24px}}<\/style><div class=\"dma-foot\"><div class=\"dma-foot-row\"><div><div class=\"brand-row\"><img decoding=\"async\" src=\"https:\/\/digiestatemarketingagency.com\/realestate\/wp-content\/uploads\/2026\/05\/DMA-logo@2x-8-2.png\" alt=\"DMA\"><span class=\"brand-name\">Digiestate<\/span><\/div><p class=\"brand-desc\">Marketing support for real estate brokerages and teams.<\/p><\/div><div><h4>Services<\/h4><a href=\"\/realestate\/?page_id=150\">Video Editing<\/a><a href=\"\/realestate\/?page_id=157\">Platform Support<\/a><a href=\"\/realestate\/?page_id=160\">Content &amp; Social<\/a><a href=\"\/realestate\/?page_id=163\">Listing Marketing<\/a><a href=\"\/realestate\/?page_id=154\">Lead Gen Support<\/a><a href=\"\/realestate\/?page_id=166\">SEO &amp; Local SEO<\/a><\/div><div><h4>Company<\/h4><a href=\"\/realestate\/\">Home<\/a><a href=\"\/realestate\/?page_id=169\">About<\/a><a href=\"\/realestate\/?page_id=89\">Contact<\/a><a href=\"\/realestate\/?page_id=94\">Book a Call<\/a><\/div><div><h4>Legal<\/h4><a href=\"#\">Privacy<\/a><a href=\"#\">Terms<\/a><\/div><\/div><div class=\"dma-foot-bot\">\u00a9 2026 Digiestate Marketing Agency<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>DigiestateServicesResultsHow it worksFAQContactBook a callServicesResultsHow it worksFAQContactBook a call Home \/ Blog \/ Real Estate GlossaryGlossary \u00b7 28 min read [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_canvas","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-303","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Real Estate Glossary: 50 Terms Every Buyer, Seller &amp; 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