At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Appraisal-an opinion or estimate of the value of a property.
Example: A property owner may have an appraisal made of a specific property to:
-determine a reasonable offering price in a sale
-determine the value at death for estate tax purposes
-allocate the purchase price to the land and improvements
-determine the amount of hazard insurance to carry
At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!
*Barron's Real Estate Guides; Dictionary of Real Estate Terms