Real Estate Terminology (Condos for Sale Pattaya Thailand)
Real Estate Terminology List
Real estate transactions involve a complex web of terms and jargon that can sometimes seem like a language of its own. Whether you're a seasoned investor, a first-time homebuyer, or simply curious about the intricacies of the real estate world, understanding these terms is key to navigating the market successfully.
In this comprehensive guide, we've compiled a list of 100 essential real estate terms. From 'appraisal' to 'zoning,' this list covers a broad spectrum of terminology used in the American and English real estate markets. Each term is accompanied by a brief explanation to demystify the often-confusing language of real estate. Whether you're deciphering contracts, negotiating deals, or exploring property options, this guide aims to be a valuable resource to help you navigate the complexities of the real estate landscape.
So, let's dive into this expansive glossary and unlock the meanings behind the terminology shaping the world of real estate.
- Appraisal: An expert assessment of a property's value conducted by an appraiser using various factors like location, condition, and comparable sales.
- Assessed Value: The value assigned to a property for tax purposes by a municipality.
- Buyer's Agent: A real estate agent representing the buyer's interests in a property transaction.
- Closing Costs: Fees and expenses associated with the finalization of a real estate transaction, including lender fees, title insurance, and taxes.
- Comparative Market Analysis (CMA): An evaluation of similar properties in a specific area to determine a property's market value.
- Condominium (Condo): A type of housing where individual units are owned separately, while common areas are shared among residents.
- Contract: A legally binding agreement outlining terms and conditions between parties involved in a real estate transaction.
- Deed: A legal document transferring ownership of a property from one party to another.
- Down Payment: Initial payment made by the buyer when purchasing a property, usually a percentage of the purchase price.
- Earnest Money: Deposit made by the buyer as a sign of good faith to demonstrate serious intent to purchase a property.
- Equity: The difference between a property's market value and the outstanding mortgage balance.
- Escrow: Funds or property held by a third party during a real estate transaction until specific conditions are met.
- Fixed-Rate Mortgage: A mortgage with a constant interest rate for the loan's duration, ensuring consistent monthly payments.
- For Sale By Owner (FSBO): A property listed for sale directly by the owner without the representation of a real estate agent.
- Home Inspection: Evaluation of a property's condition conducted by an inspector before purchase to identify any issues.
- Homeowner's Association (HOA): A governing body managing rules, regulations, and maintenance of a community or property.
- Landlord: Property owner who rents or leases their property to tenants.
- Lease Agreement: Legal contract outlining terms and conditions between a landlord and tenant for renting a property.
- Listing Agent: Real estate agent representing the property seller in a transaction.
- Loan-to-Value Ratio (LTV): Ratio comparing the mortgage amount to the property's appraised value or sale price.
- Mortgage: A loan obtained to finance a property purchase, secured by the property itself.
- Multiple Listing Service (MLS): Database where real estate agents list properties available for sale or rent.
- Open House: A scheduled period during which a property is open for potential buyers to view without appointments.
- Principal: The original loan amount borrowed, excluding interest.
- Property Tax: Taxes levied by local governments based on a property's assessed value.
- Real Estate Broker: A licensed professional who supervises real estate agents and assists clients in buying, selling, or renting properties.
- Realtor®: A real estate agent or broker who is a member of the National Association of Realtors (NAR).
- Rent-to-Own: A leasing agreement with an option to purchase the property at a later date.
- Title: Legal ownership or rights to a property.
- Title Insurance: Insurance protecting against any defects or disputes in a property's ownership history.
- Under Contract: A stage in a real estate transaction where the buyer and seller have agreed on terms, but the sale is pending completion.
- Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that can change periodically, affecting monthly payments.
- Amortization: The gradual reduction of a loan balance through regular payments, covering both principal and interest.
- Arrears: Payments that are past due or unpaid.
- Assumption of Mortgage: A buyer taking over the responsibility of an existing mortgage from the seller.
- Balloon Mortgage: A short-term mortgage with smaller initial payments followed by a larger payment at the end of the loan term.
- Bridge Loan: A short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing one.
- Certificate of Occupancy (CO): A document issued by a local government certifying a property is suitable for occupancy based on building codes.
- Closing Disclosure (CD): A document provided to the buyer outlining all costs and details of a mortgage loan before closing.
- Comparative Market Analysis (CMA): An assessment comparing similar properties to determine a property's market value.
- Contingency: A condition in a contract that must be met for the transaction to proceed.
- Deed in Lieu of Foreclosure: A legal agreement where a borrower transfers ownership of a property to the lender to avoid foreclosure.
- Easement: A legal right allowing someone to use another person's property for a specific purpose without owning it.
- Encumbrance: Any claim, lien, or restriction affecting a property's title.
- Eviction: The legal process of removing a tenant from a property.
- Fair Market Value: The price a willing buyer and seller would agree upon for a property in an open and fair market.
- FHA Loan: A mortgage insured by the Federal Housing Administration (FHA) with low down payment requirements.
- Forbearance: A temporary agreement between a lender and borrower to suspend or reduce mortgage payments.
- Foreclosure: Legal process where a lender repossesses a property due to the borrower's failure to make mortgage payments.
- Home Equity Loan: A loan using a homeowner's equity in their property as collateral.
- Home Warranty: A service contract covering repairs or replacements of home systems and appliances.
- Housing Bubble: A rapid increase in property prices followed by a steep decline.
- HUD-1 Settlement Statement: A document outlining the final costs and fees in a real estate transaction.
- Interest Rate: The rate charged by a lender for borrowing money, expressed as a percentage.
- Joint Tenancy: Co-ownership of property by two or more individuals with rights of survivorship.
- Land Contract: A contract where the buyer pays for the property in installments directly to the seller.
- Lien: A legal claim against a property for the satisfaction of a debt or obligation.
- Listing Agreement: A contract between a property owner and a real estate broker to sell or lease the property.
- Loan Origination Fee: A fee charged by lenders for processing a loan application.
- Market Value: The price at which a property is expected to sell based on current market conditions.
- Mortgage Broker: A licensed professional who connects borrowers with lenders and helps secure mortgage loans.
- Net Operating Income (NOI): Income generated from a property after deducting operating expenses.
- Offer: A proposal or bid made by a buyer to purchase a property.
- Option to Purchase: A contractual agreement giving a party the right to buy a property within a specified time at a predetermined price.
- Power of Attorney: Legal authority granted to a person to act on behalf of another in legal matters, such as property transactions.
- Pre-approval: An initial assessment by a lender confirming a borrower's creditworthiness and the maximum loan amount for which they qualify.
- Prepayment Penalty: Fees charged for paying off a mortgage before the agreed-upon term.
- Quitclaim Deed: A deed transferring a person's interest in a property without guaranteeing ownership or title.
- Refinance: Obtaining a new mortgage to replace an existing one.
- Rental Agreement: A contract outlining the terms and conditions between a landlord and a tenant for renting a property.
- Right of First Refusal: A contractual right giving a party the first opportunity to purchase a property before others.
- Short Sale: A sale where the proceeds fall short of the mortgage owed, requiring lender approval to sell the property.
- Survey: Measurement and mapping of a property's boundaries and features.
- Tenancy in Common: Co-ownership of a property where each owner has a distinct share and interest.
- Tenants in Common: Co-ownership where multiple owners have equal rights to possess the property but not necessarily equal shares.
- Title Search: Examination of public records to verify a property's legal ownership history.
- Underwriting: The process of evaluating a borrower's creditworthiness for a mortgage loan.
- Usufruct: The right to use and enjoy another person's property without owning it.
- VA Loan (Veterans Affairs Loan): A mortgage loan guaranteed by the Department of Veterans Affairs for eligible veterans and service members.
- Walk-Through: A final inspection of a property before closing to ensure it's in the agreed-upon condition.
- Yield: The income generated by an investment property as a percentage of its cost.
- Abstract of Title: A summary of a property's ownership history and legal rights.
- Assessment: Valuation of a property for tax purposes or improvement purposes.
- Buydown: Payment made to lower the interest rate on a mortgage.
- Chattel: Movable personal property or belongings.
- Due Diligence: The investigation and research conducted before entering into a contract or transaction.
- Eminent Domain: The government's legal right to acquire private property for public use with fair compensation.
- Fixture: An item attached to a property that becomes part of the real estate.
- Grantee: The party receiving title or ownership of a property.
- Home Equity Line of Credit (HELOC): A revolving line of credit using a property's equity as collateral.
- Improvements: Enhancements made to a property to increase its value.
- Leasehold: A property interest granted by lease for a specified period.
- Mortgagee: The lender in a mortgage agreement who provides the loan.
- Negative Amortization: An increase in loan balance due to unpaid interest being added to the principal.
- PITI (Principal, Interest, Taxes, Insurance): Acronym representing the components of a monthly mortgage payment.
- Quiet Title: A legal action confirming a property's ownership and clearing any title defects.
- Real Property: Land and everything permanently attached to it, including buildings and improvements.
- Sublease: A lease agreement where a tenant leases part or all of the rented property to another party.
- Turnkey Property: A property ready for immediate use or occupancy without the need for renovations or improvements.
- Zoning: Local government regulations that specify land use and building regulations in specific areas.
Chanote (โฉนดที่ดิน): A land title deed issued by the Thai government, providing proof of full ownership rights over the land.
Rai (ไร่): A unit of measurement for land area in Thailand, equivalent to 1,600 square meters or approximately 0.395 acres.
Talang Wah (ตารางวา): Another unit of land measurement in Thailand, with one Talang Wah equaling approximately 4 square meters.
Talang Meter (ตารางเมตร): A measurement unit used in Thailand for land area, often used in real estate transactions.
Title Deed (เอกสารสิทธิ์): Legal documentation proving ownership or rights to a property.
Freehold (ครอบครองเต็มสิทธิ์): Complete ownership of a property and the land it sits on, with no time limit.
Leasehold (เช่าจัดหา): Possession of a property for a specified period, as per a lease agreement, without actual ownership.
Foreign Freehold (ครอบครองเต็มสิทธิ์ในนานาชาติ): Ownership of property in Thailand by a foreigner under specific conditions or legal structures.
Condominium (Condo) (คอนโดมิเนียม): A type of housing where individual units are owned separately, while common areas are shared among residents.
House (บ้าน): A freestanding residential structure for living purposes, typically with a yard or garden.
Apartment (อพาร์ทเมนท์): A housing unit within a building complex, often rented out to tenants.
Villa (วิลล่า): A luxurious, often standalone, residence with amenities such as a private pool or garden.
Townhouse (ทาวน์เฮ้าส์): A residential property sharing walls with adjacent units within a row or block.
Land plot (แปลงที่ดิน): A defined area of land designated for building or development.
Commercial property (ที่ดินเชิงพาณิชย์): Real estate used for business purposes, such as offices, retail spaces, or warehouses.
Industrial property (ที่ดินเชิงอุตสาหกรรม): Real estate intended for manufacturing, storage, or other industrial purposes.
Residential property (ที่อยู่อาศัย): Real estate intended for housing and living purposes.
Mixed-use property (ที่ดินใช้ประโยชน์หลายประเภท): Real estate that combines residential, commercial, or industrial elements.
Developed land (ที่ดินที่พัฒนาแล้ว): Land that has undergone construction or infrastructure development.
Raw land (ที่ดินสามรถ): Untouched or undeveloped land without any construction or improvements.
- Conclusion:
- Navigating the real estate world involves more than just finding the perfect property; it requires understanding the intricate terminology woven throughout the industry. We hope this comprehensive guide to 100 essential real estate terms has provided you with valuable insights and clarity.
- Condominium (Condo): A type of housing where individual units are owned separately, while common areas are shared among residents.
- Contract: A legally binding agreement outlining terms and conditions between parties involved in a real estate transaction.
- Deed: A legal document transferring ownership of a property from one party to another.
- Down Payment: Initial payment made by the buyer when purchasing a property, usually a percentage of the purchase price.
- Earnest Money: Deposit made by the buyer as a sign of good faith to demonstrate serious intent to purchase a property.
- Equity: The difference between a property's market value and the outstanding mortgage balance.
- Escrow: Funds or property held by a third party during a real estate transaction until specific conditions are met.
- Fixed-Rate Mortgage: A mortgage with a constant interest rate for the loan's duration, ensuring consistent monthly payments.
- For Sale By Owner (FSBO): A property listed for sale directly by the owner without the representation of a real estate agent.
- Home Inspection: Evaluation of a property's condition conducted by an inspector before purchase to identify any issues.
- Homeowner's Association (HOA): A governing body managing rules, regulations, and maintenance of a community or property.
- Landlord: Property owner who rents or leases their property to tenants.
- Lease Agreement: Legal contract outlining terms and conditions between a landlord and tenant for renting a property.
- Listing Agent: Real estate agent representing the property seller in a transaction.
- Loan-to-Value Ratio (LTV): Ratio comparing the mortgage amount to the property's appraised value or sale price.
- Mortgage: A loan obtained to finance a property purchase, secured by the property itself.
- Multiple Listing Service (MLS): Database where real estate agents list properties available for sale or rent.
- Open House: A scheduled period during which a property is open for potential buyers to view without appointments.
- Principal: The original loan amount borrowed, excluding interest.
- Property Tax: Taxes levied by local governments based on a property's assessed value.
- Real Estate Broker: A licensed professional who supervises real estate agents and assists clients in buying, selling, or renting properties.
- Realtor®: A real estate agent or broker who is a member of the National Association of Realtors (NAR).
- Rent-to-Own: A leasing agreement with an option to purchase the property at a later date.
- Title: Legal ownership or rights to a property.
- Title Insurance: Insurance protecting against any defects or disputes in a property's ownership history.
- Under Contract: A stage in a real estate transaction where the buyer and seller have agreed on terms, but the sale is pending completion.
- Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that can change periodically, affecting monthly payments.
- Amortization: The gradual reduction of a loan balance through regular payments, covering both principal and interest.
- Arrears: Payments that are past due or unpaid.
- Assumption of Mortgage: A buyer taking over the responsibility of an existing mortgage from the seller.
- Balloon Mortgage: A short-term mortgage with smaller initial payments followed by a larger payment at the end of the loan term.
- Bridge Loan: A short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing one.
- Certificate of Occupancy (CO): A document issued by a local government certifying a property is suitable for occupancy based on building codes.
- Closing Disclosure (CD): A document provided to the buyer outlining all costs and details of a mortgage loan before closing.
- Comparative Market Analysis (CMA): An assessment comparing similar properties to determine a property's market value.
- Contingency: A condition in a contract that must be met for the transaction to proceed.
- Deed in Lieu of Foreclosure: A legal agreement where a borrower transfers ownership of a property to the lender to avoid foreclosure.
- Easement: A legal right allowing someone to use another person's property for a specific purpose without owning it.
- Encumbrance: Any claim, lien, or restriction affecting a property's title.
- Eviction: The legal process of removing a tenant from a property.
- Fair Market Value: The price a willing buyer and seller would agree upon for a property in an open and fair market.
- FHA Loan: A mortgage insured by the Federal Housing Administration (FHA) with low down payment requirements.
- Forbearance: A temporary agreement between a lender and borrower to suspend or reduce mortgage payments.
- Foreclosure: Legal process where a lender repossesses a property due to the borrower's failure to make mortgage payments.
- Home Equity Loan: A loan using a homeowner's equity in their property as collateral.
- Home Warranty: A service contract covering repairs or replacements of home systems and appliances.
- Housing Bubble: A rapid increase in property prices followed by a steep decline.
- HUD-1 Settlement Statement: A document outlining the final costs and fees in a real estate transaction.
- Interest Rate: The rate charged by a lender for borrowing money, expressed as a percentage.
- Joint Tenancy: Co-ownership of property by two or more individuals with rights of survivorship.
- Land Contract: A contract where the buyer pays for the property in installments directly to the seller.
- Lien: A legal claim against a property for the satisfaction of a debt or obligation.
- Listing Agreement: A contract between a property owner and a real estate broker to sell or lease the property.
- Loan Origination Fee: A fee charged by lenders for processing a loan application.
- Market Value: The price at which a property is expected to sell based on current market conditions.
- Mortgage Broker: A licensed professional who connects borrowers with lenders and helps secure mortgage loans.
- Net Operating Income (NOI): Income generated from a property after deducting operating expenses.
- Offer: A proposal or bid made by a buyer to purchase a property.
- Option to Purchase: A contractual agreement giving a party the right to buy a property within a specified time at a predetermined price.
- Power of Attorney: Legal authority granted to a person to act on behalf of another in legal matters, such as property transactions.
- Pre-approval: An initial assessment by a lender confirming a borrower's creditworthiness and the maximum loan amount for which they qualify.
- Prepayment Penalty: Fees charged for paying off a mortgage before the agreed-upon term.
- Quitclaim Deed: A deed transferring a person's interest in a property without guaranteeing ownership or title.
- Refinance: Obtaining a new mortgage to replace an existing one.
- Rental Agreement: A contract outlining the terms and conditions between a landlord and a tenant for renting a property.
- Right of First Refusal: A contractual right giving a party the first opportunity to purchase a property before others.
- Short Sale: A sale where the proceeds fall short of the mortgage owed, requiring lender approval to sell the property.
- Survey: Measurement and mapping of a property's boundaries and features.
- Tenancy in Common: Co-ownership of a property where each owner has a distinct share and interest.
- Tenants in Common: Co-ownership where multiple owners have equal rights to possess the property but not necessarily equal shares.
- Title Search: Examination of public records to verify a property's legal ownership history.
- Underwriting: The process of evaluating a borrower's creditworthiness for a mortgage loan.
- Usufruct: The right to use and enjoy another person's property without owning it.
- VA Loan (Veterans Affairs Loan): A mortgage loan guaranteed by the Department of Veterans Affairs for eligible veterans and service members.
- Walk-Through: A final inspection of a property before closing to ensure it's in the agreed-upon condition.
- Yield: The income generated by an investment property as a percentage of its cost.
- Abstract of Title: A summary of a property's ownership history and legal rights.
- Assessment: Valuation of a property for tax purposes or improvement purposes.
- Buydown: Payment made to lower the interest rate on a mortgage.
- Chattel: Movable personal property or belongings.
- Due Diligence: The investigation and research conducted before entering into a contract or transaction.
- Eminent Domain: The government's legal right to acquire private property for public use with fair compensation.
- Fixture: An item attached to a property that becomes part of the real estate.
- Grantee: The party receiving title or ownership of a property.
- Home Equity Line of Credit (HELOC): A revolving line of credit using a property's equity as collateral.
- Improvements: Enhancements made to a property to increase its value.
- Leasehold: A property interest granted by lease for a specified period.
- Mortgagee: The lender in a mortgage agreement who provides the loan.
- Negative Amortization: An increase in loan balance due to unpaid interest being added to the principal.
- PITI (Principal, Interest, Taxes, Insurance): Acronym representing the components of a monthly mortgage payment.
- Quiet Title: A legal action confirming a property's ownership and clearing any title defects.
- Real Property: Land and everything permanently attached to it, including buildings and improvements.
- Sublease: A lease agreement where a tenant leases part or all of the rented property to another party.
- Turnkey Property: A property ready for immediate use or occupancy without the need for renovations or improvements.
- Zoning: Local government regulations that specify land use and building regulations in specific areas.
Chanote (โฉนดที่ดิน): A land title deed issued by the Thai government, providing proof of full ownership rights over the land.
Rai (ไร่): A unit of measurement for land area in Thailand, equivalent to 1,600 square meters or approximately 0.395 acres.
Talang Wah (ตารางวา): Another unit of land measurement in Thailand, with one Talang Wah equaling approximately 4 square meters.
Talang Meter (ตารางเมตร): A measurement unit used in Thailand for land area, often used in real estate transactions.
Title Deed (เอกสารสิทธิ์): Legal documentation proving ownership or rights to a property.
Freehold (ครอบครองเต็มสิทธิ์): Complete ownership of a property and the land it sits on, with no time limit.
Leasehold (เช่าจัดหา): Possession of a property for a specified period, as per a lease agreement, without actual ownership.
Foreign Freehold (ครอบครองเต็มสิทธิ์ในนานาชาติ): Ownership of property in Thailand by a foreigner under specific conditions or legal structures.
Condominium (Condo) (คอนโดมิเนียม): A type of housing where individual units are owned separately, while common areas are shared among residents.
House (บ้าน): A freestanding residential structure for living purposes, typically with a yard or garden.
Apartment (อพาร์ทเมนท์): A housing unit within a building complex, often rented out to tenants.
Villa (วิลล่า): A luxurious, often standalone, residence with amenities such as a private pool or garden.
Townhouse (ทาวน์เฮ้าส์): A residential property sharing walls with adjacent units within a row or block.
Land plot (แปลงที่ดิน): A defined area of land designated for building or development.
Commercial property (ที่ดินเชิงพาณิชย์): Real estate used for business purposes, such as offices, retail spaces, or warehouses.
Industrial property (ที่ดินเชิงอุตสาหกรรม): Real estate intended for manufacturing, storage, or other industrial purposes.
Residential property (ที่อยู่อาศัย): Real estate intended for housing and living purposes.
Mixed-use property (ที่ดินใช้ประโยชน์หลายประเภท): Real estate that combines residential, commercial, or industrial elements.
Developed land (ที่ดินที่พัฒนาแล้ว): Land that has undergone construction or infrastructure development.
Raw land (ที่ดินสามรถ): Untouched or undeveloped land without any construction or improvements.
- Conclusion:
- Navigating the real estate world involves more than just finding the perfect property; it requires understanding the intricate terminology woven throughout the industry. We hope this comprehensive guide to 100 essential real estate terms has provided you with valuable insights and clarity.
From the basics like 'appraisal' and 'mortgage' to the more intricate terms like 'usufruct' and 'quiet title,' this glossary aims to serve as a valuable reference point for anyone involved in real estate transactions. Whether you're a buyer, seller, investor, or someone with a keen interest in the housing market, having a solid grasp of these terms is empowering and can make your real estate journey smoother and more successful.
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