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For seasoned real estate investors, and those just getting started, it can be a challenge to keep up with all of the important terms and phrases. Even if you’re just looking to buy a home, knowledge is power.
If you’ve ever invested in real estate, chances are you know a few of these terms, but surprisingly, even seasoned professionals use these real estate terms in the wrong context. Oftentimes, even your real estate agent may find themselves Googling a term they’ve never heard before.
The following are ten real estate terms to know for investors, buyers, sellers, and real estate agents:
1) Lien
This is an unpaid debt on a piece of property. It’s a legal notification that indicates legal action taken by a lender to recover any owed debt. This can be put in action via unpaid taxes, court decree, or simply unpaid bills. If not resolved, it can significantly delay the home buying process.
2) Escrow
Escrow is when a third party holds something of value during a real estate transaction. In real estate, this is typically the buyer’s money, property taxes, and…
