A property tax based on the assessed value of real estate.

A document added to a real estate contract containing additional terms, conditions or information.

An agreed change to an existing real estate contract.

A professional opinion of a property's value prepared by a licensed or certified appraiser.

A contract provision addressing specified rights or obligations if the property does not appraise as required by the agreement.

The difference between the agreed purchase price and a lower appraised value.

The value concluded by an appraiser for a particular appraisal assignment.

An increase in a property's value over time.

A community or association process for reviewing proposed exterior changes or improvements.

A commonly used Florida contract structure under which property is generally sold in its existing condition, subject to the specific terms of the contract.

The value assigned to a property for property-tax purposes. It may differ substantially from market value.

A mortgage that may permit a qualified buyer to take over a seller's existing loan, subject to lender and loan-program requirements.

An offer positioned behind an existing contract and generally becoming primary if the first transaction terminates according to applicable terms.

An elevation associated with FEMA's base flood and used in floodplain-management decisions.

A person or entity entitled to receive assets or benefits under a trust, estate or other legal arrangement.

A document used to transfer certain personal property included in a real estate transaction.

A structure used for access to and mooring of boats.

Equipment designed to raise and support a boat above the water.

A survey identifying property boundaries and certain improvements or conditions affecting those boundaries.

The available vertical clearance beneath a bridge, an important consideration for boaters.

A real estate licensee with qualifications and authority defined by state law.

A company or individual responsible for constructing homes or other improvements.

A purchase contract used by a builder in connection with new construction or a newly completed property.

A benefit offered by a builder, such as closing-cost assistance, design credits or financing incentives.

A warranty offered in connection with newly constructed property, subject to its specific terms and limitations.

A market in which buyers generally have more negotiating leverage because available supply is relatively high compared with demand.

A man-made or modified waterway that may provide boating access, drainage or both.

An investment measure comparing a property's net operating income with its value or purchase price.

An offer that does not depend on obtaining mortgage financing for the purchase.

The amount a buyer must provide to complete the transaction after deposits, loan proceeds, credits and adjustments are considered.

A Community Development District is a Florida special-purpose governmental district that may finance and maintain community infrastructure and services.

Government documentation indicating that a structure satisfies applicable requirements for occupancy.

The historical sequence of ownership and transfers affecting a property.

A lending term generally indicating that major underwriting requirements have been satisfied and the loan is approaching closing.

The process in which the transaction is finalized, documents are completed, funds are handled and ownership is transferred.

The person or company coordinating documents, funds and other closing activities.

Expenses associated with completing a real estate transaction.

A federal disclosure used in many mortgage transactions showing final loan terms and closing costs.

A potential claim, defect, lien or irregularity that may affect ownership or transferability of title.

A Comparative Market Analysis prepared by a real estate professional using comparable properties and current market information.

A condition or use that does not comply with applicable governmental codes or requirements.

Parts of a condominium property owned or used collectively according to the condominium documents.

Common real estate shorthand for a comparable property used in market analysis or appraisal.

A recently sold property considered sufficiently similar to provide useful market-value information.

A form of ownership in which an owner generally owns an individual unit along with an interest in common elements.

A contractual provision making certain rights or obligations dependent on a specified event or condition.

A legally binding agreement establishing the rights and obligations of the parties.

A mortgage that is not insured or guaranteed by a federal government program such as FHA or VA.

A response changing one or more terms of an offer and therefore creating a new offer.

The number of days a property has been marketed according to applicable MLS rules.

A ratio comparing specified monthly debt obligations with gross monthly income.

A legal instrument used to convey an interest in real property.

Recorded private restrictions governing the use of property.

Money paid or held in connection with a purchase contract.

A decline in property value caused by physical deterioration, functional issues, external influences or market conditions.

A builder facility or process where buyers select finishes, options and upgrades for new construction.

A Florida tax imposed on certain documents and transactions, including specified real estate conveyances and obligations.

The portion of a purchase price paid by the buyer rather than financed through the primary mortgage.

The buyer's investigation of the property, documents, financing, insurance and other transaction matters.

A buyer's good-faith deposit made according to the purchase contract.

A legal right allowing a person or entity to use another person's property for a specified purpose.

The contract date from which certain contractual deadlines may begin to run.

A document containing elevation information concerning a property or structure.

An improvement extending across a property boundary or into an easement or restricted area.

The difference between a property's value and debts secured against it.

Money or documents held by a neutral party according to an agreement.

A document commonly used in Florida association transactions providing specified information concerning amounts owed and other association matters.

A geographic area used by emergency-management authorities for evacuation planning.

Federal law prohibiting specified forms of discrimination in housing.

A mortgage insured by the Federal Housing Administration.

A buyer's opportunity shortly before closing to review the property's condition according to the contract.

The Foreign Investment in Real Property Tax Act can require withholding when certain foreign persons dispose of U.S. real property interests.

A bridge that does not open for marine traffic.

Insurance designed to cover specified losses caused by flooding.

A geographic area identified according to flood-risk classifications.

Land susceptible to flooding under specified conditions.

A legal process through which a lender or lienholder may enforce rights against property after a qualifying default.

An inspection commonly requested by Florida insurers focusing on the roof, electrical system, plumbing and HVAC.

A community where access is controlled through gates, guards or electronic systems.

A broad visual inspection of accessible home systems and components within the inspector's scope.

Gross Living Area is finished residential living area measured according to applicable appraisal or measurement standards.

Total rental income before applicable operating expenses.

Boating access from a property or waterway to the Gulf, subject to water depth, bridges, navigation and other conditions.

An appraisal concept addressing the reasonably probable legal use of property resulting in its highest value.

A homeowners association administering a community under governing documents and applicable law.

An association approval process that may apply to buyers, tenants, property changes or other matters.

Regular charges paid by homeowners to support association operations and services.

A Florida association document providing specified assessment and account information related to a property.

Insurance providing specified coverage for a residence, personal property, liability and other covered risks.

A Florida property-tax benefit available to qualifying homeowners who establish a property as their permanent residence and meet applicable requirements.

A special deductible that may apply to qualifying hurricane-related losses under a Florida insurance policy.

Protective coverings designed to help protect openings against windborne debris.

Heating, Ventilation and Air Conditioning.

A governmental charge associated with certain development intended to help fund infrastructure or public services.

Windows designed and tested to meet specified impact and wind requirements.

An examination of property conditions by an inspector or other qualified professional.

A contract provision relating to inspection rights and specified consequences or decisions following inspections.

The contractual period during which a buyer may conduct inspections and exercise applicable contract rights.

A contractual provision relating to obtaining insurance under specified conditions.

The percentage charged by a lender for borrowing money.

Real estate purchased primarily for rental income, appreciation or another investment purpose.

A form of co-ownership that may include survivorship rights depending upon how title is established and applicable law.

A formal court decision that can affect the rights or obligations of a party.

A lien that may arise from a court judgment when applicable legal requirements are satisfied.

A mortgage exceeding applicable conforming loan limits.

A contract provision that may permit a seller to continue marketing and require an existing buyer to act if another acceptable offer is received.

A covered outdoor living area commonly found in Florida homes.

Federal disclosure requirements generally applicable to many residential properties built before 1978.

A condominium or HOA rule limiting or regulating rentals.

The formal description legally identifying a parcel of real estate.

A person or financial institution providing funds under a loan agreement.

A title insurance policy protecting a mortgage lender against specified covered title risks.

A legal claim or encumbrance against property relating to a debt or obligation.

A recorded notice indicating pending litigation involving specified real property.

The asking price at which a property is offered for sale.

A contract between a property owner and a real estate brokerage concerning the marketing and sale of property.

Certain rights associated with property bordering navigable lakes, seas or oceans.

A federal disclosure used in many mortgage transactions showing estimated loan terms and costs.

A ratio comparing the mortgage amount with the property's value or purchase price under lender guidelines.

A defined parcel of land, often within a platted subdivision.

An additional amount a builder may charge for a more desirable homesite.

Coastal vegetation that may be subject to significant environmental and permitting restrictions.

The estimated value of property under defined market conditions.

A fact that could significantly affect property value or a party's decision concerning a transaction.

A potential lien relating to qualifying unpaid labor, services or materials used to improve property.

A method of legally describing land using directions, distances and reference points.

A structural inspection requirement applicable to certain Florida condominium buildings under state law.

A rate used by taxing authorities to calculate ad valorem property taxes.

A Multiple Listing Service is a cooperative database used by real estate professionals to share listing information.

A security instrument creating a lien against real property to secure repayment of debt.

Insurance protecting the lender against specified losses under applicable mortgage programs.

A situation in which a seller receives more than one purchase offer.

A search for certain municipal charges, violations, permits or other matters affecting property.

Water capable of navigation under applicable legal standards and physical conditions.

Investment-property income remaining after specified operating expenses, generally before financing costs and income taxes.

The approximate amount a seller receives after applicable debts, expenses, taxes and transaction charges are deducted.

The National Flood Insurance Program.

A charge appearing on a property-tax bill that is not based directly on property value.

A buyer's proposal to purchase property according to specified price, terms and conditions.

A scheduled period during which prospective buyers may tour a property.

A building permit that has not been properly finalized or closed in governmental records.

A title insurance policy protecting a property owner against specified covered title defects and claims.

The legal interest or rights a person or entity holds in property.

A listing status generally indicating that a property is under contract, subject to applicable MLS definitions.

Governmental authorization for specified construction, remodeling or repair work.

Principal, Interest, Taxes and Insurance — common components considered in a mortgage housing payment.

A recorded map showing subdivision lots, streets, easements and related information.

Private Mortgage Insurance, commonly required for certain conventional loans with higher loan-to-value ratios.

Mortgage charges commonly expressed as a percentage of the loan amount.

An inspection evaluating pool components and equipment within the inspector's scope.

A Florida property-tax concept allowing eligible homeowners to transfer some accumulated Save Our Homes assessment difference to another qualifying Florida homestead, subject to applicable rules.

The right to occupy and control property according to the transaction agreement.

Legal authority allowing one person to act on behalf of another according to the document and applicable law.

A lender's preliminary assessment of a borrower's potential mortgage qualification based on information reviewed.

Certain expenses collected or paid in advance at closing, such as insurance or interest.

A decrease in the asking price of a listed property.

The legal process for administering a deceased person's estate.

Documentation showing that a buyer has sufficient funds for a purchase, down payment or closing requirement.

A professional representation of property boundaries and other features according to the scope of the survey.

Taxes and assessments imposed on real property by applicable governmental authorities.

Allocation of expenses or income between buyer and seller according to the transaction.

A list of incomplete or corrective items identified near completion of construction.

A contract establishing the terms under which property will be purchased and sold.

An independent party used to facilitate a qualifying Section 1031 tax-deferred exchange.

A lawsuit seeking to resolve competing ownership claims or certain title defects.

A deed transferring whatever interest the grantor has without the title warranties associated with certain other deeds.

A naturally occurring radioactive gas that can accumulate inside buildings.

An arrangement in which money is paid to reduce a borrower's mortgage interest rate temporarily or permanently depending on the program.

A lender agreement locking a mortgage interest rate for a specified period under stated conditions.

An attorney who advises on legal matters involving real estate contracts, title, ownership, disputes and related issues.

The process of placing a document into the county's official public records.

Charges associated with recording specified documents in official public records.

Rules limiting how, when or whether property may be rented.

Real Estate Owned property, commonly property owned by a lender or institution following foreclosure.

The estimated cost to replace damaged property with comparable new property, subject to applicable insurance-policy terms.

Money maintained by an association for future major repairs or replacement of common components.

A legal right permitting passage across property.

Certain rights associated with property adjoining particular bodies of water.

The age of a home's roofing system.

An inspection focusing specifically on roofing materials, condition and related components.

A legally binding agreement establishing the terms of a real estate sale.

Florida's constitutional limitation on annual increases in the assessed value of qualifying homestead property, subject to applicable law.

A structure designed to protect shoreline property from erosion and water action.

An amount or benefit a seller agrees to provide toward specified buyer expenses, subject to contract and lender limitations.

Information provided by a seller concerning known property conditions or facts as required by applicable law.

A market in which sellers generally have more negotiating leverage because demand is strong relative to available inventory.

An onsite wastewater treatment system used when property is not connected to a central sewer system.

The required minimum distance between a structure or improvement and a property line or other designated boundary.

A transaction in which a lender or lienholder may agree to accept less than the amount owed to permit a sale.

An appointment during which prospective buyers tour a property.

A Structural Integrity Reserve Study required for certain Florida condominium associations under applicable law.

An additional charge imposed by an association for a specified expense or project.

An abnormal rise in coastal water levels generated by a storm.

A professional measurement and representation of property boundaries and related features according to the survey's scope.

A lien arising from unpaid taxes.

Allocation of property taxes between buyer and seller according to the transaction.

The property value remaining after applicable exemptions and assessment limitations for a particular taxing authority.

A form of ownership that may be available to married couples under Florida law.

An inspection for evidence of termites or other qualifying wood-destroying organisms.

The legal rights and interests associated with ownership of real property.

A company that may provide title research, title insurance and closing-related services.

Insurance protecting against specified covered title defects and claims.

An examination of public records and applicable information concerning ownership, liens and title matters.

A residential housing style often involving attached multi-level homes. The legal ownership structure should be verified rather than assumed from appearance.

A brokerage relationship recognized under Florida law providing limited representation subject to applicable requirements.

Federal mortgage-disclosure rules integrating specified loan and closing disclosures.

A property for which the buyer and seller have entered into a purchase agreement.

A lender's evaluation of the borrower, property, documentation and loan risk before final approval.

Construction or alteration completed without permits or approvals that were required.

A mortgage program associated with the U.S. Department of Agriculture for eligible borrowers and qualifying properties.

An easement permitting specified utility access to property.

A mortgage program guaranteed by the U.S. Department of Veterans Affairs for eligible borrowers.

Governmental approval permitting a deviation from certain zoning or land-use requirements.

A term commonly used in Southwest Florida for certain attached or detached residential properties. The legal form of ownership should be verified.

Common shorthand for a final walkthrough before closing.

A deed containing specified warranties by the grantor concerning title.

Equipment used to provide hot water to a home and commonly reviewed during inspections.

Property directly bordering a body of water.

Wood-Destroying Organisms such as termites and certain other organisms capable of damaging wood.

A private groundwater source used where central water service is unavailable or not used.

A Florida inspection documenting qualifying construction features that may reduce windstorm risk.

Insurance protection against specified wind-related losses, subject to policy terms and deductibles.

A FEMA flood-zone designation generally associated with areas outside the Special Flood Hazard Area.

The year a structure was originally constructed.

The income return generated by an investment relative to its cost or value.

Government regulation of permitted land uses and development standards.

Confirmation from the applicable governmental authority regarding a property's zoning classification and permitted uses.