Glossary of
Real Estate Terms

Your guide to common closing terms

For Sale By Owner (FSBO)

A FSBO transaction refers to the sale of a property without the help or representation of a real estate agent or broker. FSBOs may employ the services of a marketing company, listing service, or real estate attorney during the transaction or may conduct all activities personally.

F

Home Warranty

A home warranty at closing is a protection plan that is renewable annually and covers repair or replacement of appliances, systems, and major components of a residence. In many cases, a home warranty may be offered by sellers or requested by buyers as a way to ensure that a property is in good condition prior to its sale.

H

Homeowners Association (HOA)

A homeowners association is an organization run by a group of residents within a subdivision, neighborhood, or condominium complex that makes and enforces rules for the properties and residents within that community. These rules can apply to the use of common areas, the appearance of properties, and the acceptable activities occurring within the organization’s purview.

H

Homeowners Association (HOA) Dues

Homeowners association dues finance the activities and initiatives of a homeowner's association as well as upkeep, enhancement, and development of common spaces within the community. HOA dues may be charged monthly or quarterly and are required for residents within an HOA community.

H

Homeowners Insurance

Homeowners insurance covers loss or damage to a property as well as to the furnishings, personal belongings, and assets housed on the property. In addition, homeowners insurance provides liability coverage for accidents occurring in the home or on the property.

H
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.