Polti Vegas
Glossary
Understand the Terms of the Las Vegas Real Estate Market
The world of real estate can seem complex, especially when it comes to buying or selling property in Las Vegas. Therefore, we have created this glossary to help you become familiar with the most important terms and concepts. Whether you are taking your first steps in the market or you are an experienced investor, here you will find clear and simple definitions to make more informed decisions.Commercial Real Estate
Properties used for commercial purposes, such as offices, commercial premises or industrial buildings.
Closing
The final process of a real estate transaction in which the buyer pays the seller and the property is transferred.
Purchase and Sale Agreement
Legal document that establishes the terms and conditions agreed between buyer and seller for the purchase of a property.
Down Payment
The down payment made when purchasing a property, usually a percentage of the sales price.
Equity
The difference between the market value of a property and the outstanding mortgage balance. It represents the actual ownership that an owner has over the property.
Escrow
An agreement whereby a third party holds the funds and documents related to a real estate transaction until all agreed conditions are met.
Mortgage
A loan granted by a financial institution to finance the purchase of a property.
Property Inspection
Detailed evaluation of a property to identify structural, plumbing, electrical and other problems that may require repairs.
Mortgage Pre-Approval
A process in which a lender evaluates your creditworthiness and gives you a letter indicating how much money they would be willing to lend you.
Investment Property
Property acquired for the purpose of generating passive income or long-term appreciation in value.
Property in Foreclosure Condition
Property that has been foreclosed by the lender due to non-payment of the mortgage.
Rate Reset (ARM)
A type of mortgage loan whose interest rate varies after a fixed initial period, usually based on a benchmark index.
Valuation
Professional appraisal of a property by a certified appraiser to determine its market value.
Title Deed
Legal document that establishes the ownership of a property. Ensures that there are no third party claims on the property.
Market Value
The estimated price a property could fetch in the current market.