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131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

This is when a homeowner turns a deed over to the mortgaging bank to avoid going into foreclosure. This is the amount of a property that a person (not the bank) actually owns. For example, if you put a down payment of 20% on a $200,000 home and got a loan for the rest, your home equity is $40,000. Loan officer.