Appraisal
The determination of market value of a home. This is usually done by an appraiser that is hired by the lender.  Primarly done by using comparable homes in the area.

Appreciation
The amount that a homes value has risen over time.

Assumption of Mortgage
Buyer takes over the payments on a loan that Seller has on the home. 

Closing
In Georgia, the closing is typically done at an attorney's office. The attorney represents the lender.  During the closing the paperork for transferring title from the Seller to the Buyer is completed.

Comparable Sales (Comps)
Recent sales of similar homes in the area that are used to help determine the market value of a home.

Contingency
A condition that must be met before the contract is legally binding.

Conventional Loan
A loan that is not secured by a government program. This is the most common type of loan.

Counter Offer
A response to an offer that has new terms. Buyer and Seller may counter back and forth until the final price and terms are agreed upon.

Deed
This replaces the contract at closing and conveys title to the Purchaser.

Earnest Money
A check written by the buyer to show good faith when making an offer. This money is credited to buyer at closing.                       

Easement
Privilege that is granted to a party for usage of land. Examples would be a right of way, or a gas easement for the gas lines.

Hazzard Insurance
Insurance to protect the owner and lender of a property against damage to the property.

Joint Tenancy
More than one person owns a property together with the right of survivorship.

Lien
A legal claim against a property that is securing a debt, the lein must be paid when the property is sold (ex, mortgage).

Mortgage
Using property to secure debt for that property.

Origination Fee
A fee charged a closing by the lender.

Pre-qualification
The first process in determining how much money the lender will loan to the Buyer.

Private Mortgage Insurance (PMI)
Insurance that protects the lender in the case that the borrower defaults.

Purchase Agreement
Another word for the contract between the Seller and Buyer.

Survey
A survey marks the legal bounderies of a property.

Transfer Tax
A government tax that must be paid when the title is transferred from one person to another