Glossary of
Real Estate Terms

Your guide to common closing terms

Real Estate Broker

A real estate broker is a real estate representative who works on behalf of a buyer or seller in a real estate transaction and has completed advanced broker training. Real estate brokers are allowed to own a real estate firm and may employ one or more real estate agents to work for them as client representatives.

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Refinance

What is a refinance? Refinance is a transaction type where a homeowner with an existing mortgage (termed "Borrower") is refinancing for a lower interest rate on their mortgage, to take equity out of the home or both.

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Residential Purchase Agreement (RPA)

What is a residential purchase agreement? A residential purchase agreement (RPA) is a basic document outlining the details of a real estate purchase between a buyer and a seller. It can include a variety of specifics related to the transaction, including price, settlement, property details, option to terminate, and lead-based paint disclosure.

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Right of Refusal

Right of refusal is a clause that requires a homeowner to offer his or her property to the right-holder before accepting any other offers on the property. A right of refusal may exist between a homeowner and a tenant, a family member, or an HOA or condo association.

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Seller

The seller is the home or property owner who has listed his or her property for sale. A seller may employ the services of a listing agent or broker in order to facilitate the listing and sale of the property or may conduct the transaction as a For Sale By Owner (FSBO).

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