Glossary of
Real Estate Terms

Your guide to common closing terms

Purchase

What is a purchase? Purchase is the term used to refer to a transaction when a seller agrees to sell their house to a buyer. This is typically formalized through a Purchase and Sale Agreement or Residential Purchase Agreement.

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Purchase and Sale Agreement

A purchase and sale agreement is a document that records the terms agreed to by a buyer and seller upon the purchase of a property. These terms include the rights and obligations of each party surrounding issues of financing, timeline, settlement, and recordation.

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REALTOR™

A REALTOR™ is a member of the National Association of REALTORS, the largest trade association in the United States, representing 1.4 million members. REALTORS™ can include both residential and commercial brokers, agents, property managers, and other professionals in the real estate industry.

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Real Estate Agent (REA)

A real estate agent is a real estate representative who works on behalf of a real estate broker to represent a buyer or seller during a real estate transaction. Real estate agents are licensed but must be affiliated with and work under the supervision of a real estate broker.

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Real Estate Attorney

A real estate attorney specializes in legal issues surrounding the transfer and purchase of property, including mortgage, title, purchase, and transfer documents. In some states, a real estate attorney is required at closing, while in others, a real estate agent and a title company representative will handle the legal aspects of the transaction.

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