BetterFit Glossary
Buying or selling a home can feel overwhelming, especially with the many terms and concepts involved in the process. This page is designed to help you understand some of the most common real estate terms you'll encounter during a transaction. From financing and legal terms to roles and responsibilities, we’ve compiled clear, straightforward definitions to make your real estate journey smoother and more informed. Whether you're a first-time buyer or a seasoned investor, this glossary will keep you prepared every step of the way.
Escrow
(ˈes-ˌkrō)
noun
A secure holding account where funds or documents are held by a third party until all conditions in a real estate transaction are met.
Example: The buyer deposited $5,000 into escrow while the title company verified the property’s legal status.
Loan Officer
(lōn ˈôf-sər)
noun
A professional employed by a bank or lender to guide buyers through the mortgage process.
Example: The loan officer explained the different mortgage options to the first-time homebuyer.
Broker
(ˈbrō-kər)
noun
A licensed real estate professional who can represent clients in buying and selling property.
Example: The broker negotiated a fair price for the seller and ensured the deal went smoothly.
Title
(ˈtī-təl)
noun
A legal document proving ownership of a property.
Example: The title search revealed no liens against the property.
Mortgage
(ˈmôr-ˌgij)
noun
A loan specifically for purchasing property, with the property itself as collateral.
Example: The couple secured a 30-year mortgage to buy their first home.