Real Estate – Real Estate Glossary

Real Estate Glossary

Realtor Language: Glossary

NH real estate agenciesFind some of the common used terms in our Real Estate Glossary – e quick refresher in Real Estate. Ask us about NH Realtors or share your NH Realty comments. To feature your NH Real Estate, contact us.

Real Estate Glossary



New Hampshire Real EstateAgent – An individual who represents a seller, a buyer or both in the purchase or sale of real estate.

Amortization – The schedule of loan payments that establishes the amount of payment to be applied to the principal and the amount to be applied to interest, usually on a monthly basis, for the full term of the loan.

Annual Percentage Rate (APR) – The TOTAL interest rate of a mortgage, including the stated loan interest as well as any upfront interest paid in securing the loan. The APR will invariably differ from the mortgage rate quoted due to the inclusion of these items.

Appraisal – An estimate of value of a real estate property by a professional third party, such as a real estate appraiser. Virtually all non-owner financed mortgages will require an appraisal and is generally paid for by the buyer.

Adjustable Rate Mortgage (ARM) – A mortgage in which the Interest rate is adjustable, meaning that the rate can go up or down according to prevailing financial market conditions.

Assessment – The value of a property as determined by the local tax jurisdiction which is used to determine the amount of your property taxes.

Buyer’s Agent – A real estate agent that has made an agreement to represent the buyer exclusively, rather than the seller.

Comparable Market Analysis (CMA) – A comparison of the prices of similar houses in the same general geographic area. A CMA is used to help determine the value of a property, either for a seller or a buyer.



Closing – The process that affects the final transfer of the deed from the seller to the buyer, as well as finalize all aspects of the mortgage of the property.

Closing Costs – Funds needed at the time of closing (separate from and in addition to the down payment). Loan origination fees, discount points, attorney fees, recording fees and pre-paids are some items that may be included. They often will total from 3% to 5% of the price of the home, payable in cash.

Contingencies – These are conditions written into real estate offers and contracts to prevent a buyer from being forced to buy a house that is unsatisfactory–either structurally or financially.

Condominium – Housing where the owner owns only the unit in which he or she lives–from the interior walls inward, generally–as well as a portion of the common area.

Debt to Income Ratio – The ratio of a borrower’s total of debt as a percentage of their total gross income.

Deed – The document that, when recorded with your local government, determines ownership of a property. It is transferred from seller to buyer at closing.

Earnest Money – Also known as a deposit. Earnest money is money that is submitted with an offer to purchase which indicates a buyer’s seriousness and good faith. In virtually all cases, earnest money will need to be submitted at the time of the offer. It remains in escrow until the time of closing, at which time it becomes part of the down payment.

Equity – The difference between the value of a property and the total of any outstanding mortgages or loans against it.

Escrow – Funds held in reserve both prior to closing (for example the earnest money and deposit) by a third party and after closing by the mortgage company to pay future taxes and homeowners insurance. In some areas, "escrow" also refers to the closing process.

Fixed Rate Mortgage – A mortgage loan where the interest rate is established at its origination and continues unchanged through the life of the loan.

FSBO – For Sale By Owner. Real Estate that is sold without the assistance of an Agent. FSBO can refer to both the individual selling the property or the property itself.

Foreclosure – The process in which a lender takes back property from a defaulting owner and re-sells it.

Homeowner’s Association – An owners group, whether in a condominium, townhouse or single family subdivision that establishes general guidelines for the operation of the community, as well as its standards.

Inspection – A whole house inspection of a home being considered for purchase which looks for defects in the property.

Interest – That portion of a mortgage payment that is the "charge" for using the lender’s funds.

Lien – A legal claim against a piece of property that can prevent it from being sold unless the lien is satisfied (paid off). Liens can be filed by unpaid contractors or other debtors in a legal process so that they will be paid when a property is sold.

Listing – A property for sale by a real estate brokerage or agent.

Loan Origination Fee – A charge imposed by the lender, payable at closing, for processing the loan.

Lock-in – An agreement by the lender at the time of mortgage application or shortly thereafter, to write the mortgage at a specific interest rate, whether rates rise or fall up to the date of closing. Obviously a good move if rates are rising, not so good if they are falling. Lock-ins have specific expiration dates, such as 30, 60 or 90 days in the future.

LTV (Loan to Value) – The ratio of the amount of the mortgage as a percentage of the value of the property.

MLS (Multiple Listing Service) – Computerized listings of all the properties for sale by real estate brokerages in a given geographical area, such as a state.

PMI (Private Mortgage Insurance) – Required on virtually all conventional loans with less than 20% downpayment. Although the payments for PMI are included in your mortgage payment, it protects the lender should you default on the loan. On FHA loans, you will pay a MIP (Mortgage Insurance Premium) which accomplishes the same purpose.

Points – 1 point is equal to 1% of the loan value, paid at closing. Points can be loan origination fees or "discount points" which reduce the interest rate of the loan (you are actually paying a finance charge up front). When a lender, for example, quotes a rate of 8 1/2% with 1 + 1 points, 1 point is for the origination fee and 1 point is for the discount fee.

Prequalification – The first stage of a mortgage application where the lender will run a basic credit report and determine your debt to income ratio in order to see how much of a mortgage you qualify for.

Pre-paids – Paid for (in cash) at closing for such items as homeowners insurance for one year and real estate taxes for several months.

Principal – The amount borrowed for a mortgage loan. Your monthly mortgage payment will be applied to both the interest and the principal (the lions share will go to the interest portion in the first years of the loan).

Property Tax – An annual or semi-annual tax paid to one or more governmental jurisdictions based on the amount of the property assessment. Generally paid as part of the mortgage payment.

Recording – The act of entering deed and/or mortgage information into public record with your local government.

Sub-Agent – A real estate agent who is working with a buyer but who represents the seller in the transaction.

Title Insurance – Protects your title–your ownership rights–from claims against it. Paid at closing, title insurance may be the responsibility of the buyer, the seller, or both, depending on what is traditional in your area.

Warranty – Covers either most of the house in a new home, or selected items within the home. Warranties can vary widely and are optional in used homes.

Zoning – Laws that govern specifically how a zoned area can be used. For example, an area may be zoned for single family residential, condominiums, commercial or retail, or a mix of two or more uses.

Bill Lydon Realtor,NH WHite Mountain Homes, Coldwell Banker Wright Realty
"Team Lydon" - Sharon Lydon, CBR, Certified Stager, and Bill Lydon, ABR, CBR, RSPS - REALTORS @ Keller Williams Lakes & Mountains Realty, 3641 White Mountain Hiway, No. Conway, NH 03860 | 603-569-4663
"Professional Service with Personal Care!" We provide Buyer and Seller representation in the White Mountains, Mount Washington Valley and Western Maine. Let us help you reach your dream, whether it is a primary, vacation or investment property; condos, camps, cottages, cabins, mountain homes or waterfront. 
Visit KW Lakes and Mountains Realty Website


Peabody and Smith, White Mountains  New Hampshire, White Mountains NH, Commercial Realty Real Estate Properties
Peabody & Smith Realty, 383 Main St., Franconia NH; 11 Riverglen Lane, Littleton NH; 9 Remick Lane, Bretton Woods, NH; 85 Main St., Plymouth, NH 03264
Specializing in White Mountains real estate: residential, land and commercial offerings, in the greater Littleton, Franconia, White Mountain area. Our team approach in servicing our clients has given us "A Reputation for Results".
Visit Peabody & Smith Realty Website


Roper Real Estate Waterville Valley NH
Roper Real Estate, 8 Davos Way, 2nd Floor, Waterville Valley NH 03215 | 603-236-3636
Waterville Valley is an oasis in the White Mountain National Forest. Only 2 hours from Boston, it is the first major resort off of Interstate 93. We know the market in Waterville because we live here in Waterville and we love it. As members of the NH MLS and NH Board of Realtors, we have an extensive mailing list and email database of people active in the real estate market in Waterville Valley. See a virtual tour online at our website.
Visit Roper Real Estate Waterville Valley Website


O'Rourke Realty
O'Rourke Realty, 126 Main Street, North Woodstock, New Hampshire 03262 | 855-948-6867
O'Rourke Realty is proudly serving the White Mountains Region which includes Lincoln NH, Woodstock NH, North Woodstock, Campton NH, Thornton NH, Carroll "Twin Mountain" "Bretton Woods" NH, Franconia NH, Bethlehem, NH and others. As locals, we are proud to offer homegrown community awareness as well as contemporary real estate market information. Explore our up-to-date, NH MLS Real Estate Listings and our Exclusive NH Properties for sale. Contact us for all of your realty needs.
Visit O'Rourke Realty Website


Michael Bean Group, N.H. Real Estate Listings, MLS Listings, New Hampshire MLS Listings
The Bean Group, LLC
The Bean Group is a full service New Hampshire Seacoast Real Estate Brokerage. We offer hassle free access to the New Hampshire Multiple Listing Service (MLS) and the freedom to involve an agent only when you are ready. Buyers can begin by searching the MLS listings 24 hours a day - when you're ready we are available to assist you 7 days a week.
Visit The Bean Group Real Estate Website


Verani Realty, Berkshire Hathway HomeServices Verani Real Estate, Keene New Hampshire Homes for sale, Monadnock NH real estate listings
Berkshire Hathaway HomeServices Verani Realty, 111 Maplewood Ave., Portsmouth, NH 03801 | Ph: 603-431-8977.
On this web site you can search for homes or land, review subdivisions and new construction, preview virtual tours and access upcoming open houses. Berkshire Hathaway Verani Realty is committed to providing remarkable value in real estate services that exceeds the expectations of our clients and customers. 
Visit Berkshire Hathaway Verani Real Estate Website


Buck Rub Realty  & Rentals
Buck Rub Realty & Rentals, 2253 North Main Street, Pittsburg, New Hampshire 03592 | 603-538-9925
Sandi Canada-Thistle is a licenced NH Realtor that knows and loves the North Country and Connecticut Lakes Region of New Hampshire. Sandi would be honored to assist anyone in the purchase or rental of their property in The Great North Woods. Servicing the NH Towns of Colebrook, Columbia, Clarksville, Errol, Stewartstown, Pittsburg, and Stratford. Also licensed in Vermont, she services; Canaan, Beecher Falls, Norton, Averill, and Lemington. For excellent customer/client service in the assistance of your real estate purchase, sale or vacation rental. Contact Sandi.
Visit Buck Rub Realty & Rentals


Bellville Realty, Brattleboro Real Estate, Keene Real Estate
Bellville Real Estate, 255 Western Ave., Brattleboro, VT 05301
Our knowledgeable agents have been assisting customers and clients with their New Hampshire real estate needs for more than 100 years and will recognize your individual needs to ensure your trust and peace of mind during your property transactions. We offer services in all areas of Real Estate from selling and listing homes, commercial property and land to exclusive estate and buyer representation.
Visit Bellville Realty Website


Berkley, Veller, Greenwood Real Estate, Country Realtors, Monadnock Region Real Estate
Berkley, Veller, & Greenwood Country Realtors, Main St., Walpole, NH 03608
"Celebrating Our 40th Year." We have access to the largest selection of listings in Southeastern Vermont and Southwestern New Hampshire, with offices in Brattleboro, Mount Snow, and Walpole, New Hampshire. Vermont and New Hampshire Real Estate is one click away.
Visit Berkley & Veller Greenwood Country Realtors Website


Verani Realty, Berkshire Hathway HomeServices Verani Real Estate, Keene New Hampshire Homes for sale, Monadnock NH real estate listings
Berkshire Hathaway HomeServices Verani Realty, One Verani Way, Londonderry, NH 03053
On this web site you can search for homes or land, review subdivisions and new construction, preview virtual tours and access upcoming open houses. Berkshare Hathaway Verani Realty is committed to providing remarkable value in real estate services that exceeds the expectations of our clients and customers. 
Visit Berkshire Hathaway Verani Realty Website


Verani Realty, Berkshire Hathaway HomeServices Real Estate, Keene New Hampshire Homes for sale, Monadnock NH real estate listings
Berkshire Hathaway HomeServices Verani Realty, One Verani Way, Londonderry, NH 03053 | Ph: 603-434-2377.
On this web site you can search for homes or land, review subdivisions and new construction, preview virtual tours and access upcoming open houses. Berkshire Hathaway Verani Realty is committed to providing remarkable value in real estate services that exceeds the expectations of our clients and customers.
Visit Berkshire Hathaway Verani Realty Website


Adam Dow Real Estate Agent, Kellor Willliams Realty
Adam Dow, ABR - Keller Williams - Dow Realty Group, 136 South Main Street, Wolfeboro, NH 03894 | 603-569-4664
My properties include New Hampshire Lakes Region Real Estate; homes, inns, business and investment property, waterfront, luxury vacation homes, condos, cottages, land, lots and more. Born in Wolfeboro, NH - 10th generation in the Lakes Region. Search all Lakes Region Listings by Town or Lake.
Visit Adam Dow Keller Williams Website


Wolfeboro New Hampshire Real Estate, Prudential Spencer Hughes, Lakes Region Realty Listings
Prudential Spencer-Hughes Real Estate, Route 11, Alton Bay and 22 South Main Street, Wolfeboro, NH | 603-569-6060
Search for ALL Lakes Region Listings on our web site. Whether it's a waterfront home, cabin, cottage, compound, land, commercial, investment, or building lots, we can be of service.
Visit Prudential Spencer Hughes Real Estate Website


Verani Realty, Berkshire Hathway HomeServices Verani Real Estate, Keene New Hampshire Homes for sale, Monadnock NH real estate listings
Berkshire Hathaway HomeServices Verani Realty, 60 Whittier Highway, Unit 3, Moultonboro, NH 03254 | 603-253-7766
On this web site you can search for homes or land, review subdivisions and new construction, preview virtual tours and access upcoming open houses. Berkshire Hathaway Verani Realty is committed to providing remarkable value in real estate services that exceeds the expectations of our clients and customers. 
Visit Berkshire Hathaway Verani Realty Website


Peabody and Smith, White Mountains  New Hampshire, White Mountains NH, Commercial Realty Real Estate Properties
Peabody & Smith Realty, 383 Main St., Franconia NH 03580 | 603-823-5700; 11 Riverglen Lane, Littleton NH 03561 | 603-444-1294; 9 Remick Lane, Bretton Woods, NH 03575 Ph: 603-278-1140; 85 Main St., Plymouth, NH 03264 | 603-238-6990
Specializing in White Mountains real estate: residential, land and commercial offerings, in the greater Littleton, Franconia, White Mountain area. Our team approach in servicing our clients has given us "A Reputation for Results".
Visit Peabody & Smith Realty Website


Preferred Vacation Rentals, Lakes Region NH, Lake Winnipesaukee Vacation Rentals
Preferred Vacation Rentals Inc., 34 Whittier Hwy. (Route 25), Center Harbor, NH 03226 Toll-Free: 877-525-3764 or 603-253-7811
Preferred Vacation Rentals features the LARGEST selection of pre-inspected waterfront and lake access vacation rental homes in the Lakes Region. Rentals are available by the week, month or season. Free color Vacation Rental Guide available. We are available 7 days a week to serve your vacation needs. Call 1-877-525-3764, or visit our website for more info.
Visit Preferred Vacation Rentals Website

O'Rourke Realty
O'Rourke Realty, 126 Main Street, North Woodstock, New Hampshire 03262 | 855-948-6867
O'Rourke Realty is proudly serving the White Mountains Region which includes Lincoln NH, Woodstock NH, North Woodstock, Campton NH, Thornton NH, Carroll "Twin Mountain" "Bretton Woods" NH, Franconia NH, Bethlehem, NH and others. As locals, we are proud to offer homegrown community awareness as well as contemporary real estate market information. Explore our up-to-date, NH MLS Real Estate Listings and our Exclusive NH Properties for sale. Contact us for all of your realty needs.
Visit O'Rourke Realty Website


Dartmouth NH Real Estate, century21,Hal Sheeler, Hanover New Hampshire Realty
Hal Sheeler, Vermont and New Hampshire Realtor Century 21 Energy Shield Realty, Lebanon, NH 03766 | 603-643-0127 Direct: 603-643-2039 Cell: 603-398-2151
Join the many who regularly check www.HalSheeler.com to view NNEREN Multiple Listing System property listings in the Dartmouth / Upper Connecticut River Valley region of Vermont and New Hampshire and find valuable area information. Contact Hal Sheeler for honest and competent real estate services as your BUYER AGENT or to list property for sale.
Visit C21 Hal Sheeler Energy Shield Realty Website


Milestone Team Better Homes and Gardens Real Estate,
Milestone Team - Better Homes and Gardens Real Estate, 224 Main Street, New London, NH 03257 | 603-526-4116
Teamwork means working together to accomplish a goal. The Better Homes and Gardens Real Estate - Milestone Team can help to insure that you will achieve your goals. Let us put our proven Team to work for you! We brainstorm, share problems and successes, look to each other for advise and opinion...help each other all the time. For our clients and customers, this means that there is always someone available to make life easier!
Visit Milestone Team Better Homes & Gardens Real Estate


Michael Bean Group, N.H. Real Estate Listings, MLS Listings, New Hampshire MLS Listings
The Bean Group, LLC is a full service New Hampshire Seacoast Real Estate Brokerage. | 603-766-1980
We offer hassle free access to the New Hampshire Multiple Listing Service (MLS) and the freedom to involve an agent only when you are ready. Buyers can begin by searching the MLS listings 24 hours a day - when you're ready we are available to assist you 7 days a week.
The Bean Group Real Estate Brokerage Website


Roger J. Roberts Real Estate, Lebanon NH real estate
Roger J. Roberts Real Estate, 6 South Street, Hanover, NH 03755 | 603-448-4005
Roger J. Roberts Real Estate is a full service real estate and appraisal service company that has been serving clients for more than fifty years. Offering Personal Property Appraisals, Full Service Real Estate Sales and Buyer Representation.
Roger J Roberts Real Estate Website


CG  Shepard Real Estate - Vacation Rentals
CG Shepherd Realty LLC, Grantham: 603-863-3278 Hanover: 603-643-3278 Lebanon: 603-448-3278, 120 Route 10S, (Sawyer Brook Plaza), Grantham, NH 03753 & 199 Heater Rd., Lebanon, NH 03766
CG Shepherd Realty, LLC has knowledgeable local Realtors who will represent your interests enthusiastically! Learn all the local secrets and traditions of the Upper Valley, Dartmouth/Lake Sunapee, Eastman and Vermont regions by contacting us or visiting our website.
CG Shepard Realty Website


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