A – E
Appraisal
An expert estimate of a home's value conducted by a licensed appraiser, often required by lenders. Appraisals ensure the home’s worth matches the loan amount.
Pro Tip: A low appraisal can affect financing—review comps and dispute if needed.
Appreciation
This is the increase in a property's value over time. It’s influenced by local demand, improvements, and market conditions.
Pro Tip: Upgrading kitchens, bathrooms, or curb appeal can speed up appreciation.
Assessed Value
The valuation assigned by a local government to calculate property taxes. It may differ from the home's market or appraised value.
Pro Tip: You can appeal if your assessed value seems too high.
Buyer’s Agent
A licensed real estate professional who represents the buyer’s interests in a transaction. They help with home searches, offers, and negotiations.
Pro Tip: Their commission is usually paid by the seller, so take advantage of their services.
Closing
The final step in a home sale when ownership is officially transferred. Documents are signed, and funds are disbursed.
Pro Tip: Always do a final walk-through before closing.
Closing Costs
These are expenses beyond the purchase price, including loan fees, title insurance, and escrow charges. Typically 2–5% of the home price.
Pro Tip: Negotiate with the seller to cover part of your costs.
Comparative Market Analysis (CMA)
A report prepared by an agent that compares similar nearby homes to determine a property's market value. It helps sellers price right and buyers make fair offers.
Pro Tip: Always ask for a CMA before listing or making an offer.
Contingency
A condition that must be met for a deal to go forward—like financing approval or a clean inspection. Deals can fall through if contingencies aren't met.
Pro Tip: In a hot market, consider waiving minor contingencies to strengthen your offer.
Deed
A legal document that proves and transfers ownership of real estate. It is recorded in public records.
Pro Tip: Always confirm the deed is free from issues like liens before closing.
Down Payment
The initial cash payment toward a home’s purchase price. It can range from 3% to 20% or more depending on the loan.
Pro Tip: Larger down payments can lower your interest rate and avoid PMI.
Dual Agency
When one agent represents both buyer and seller in a transaction. It's legal in some states but can pose a conflict of interest.
Pro Tip: Opt for separate representation for clear advocacy.
F – M
Fair Market Value
The price a property would sell for under normal conditions. It’s based on comparable sales, location, and demand.
Pro Tip: Stick close to fair market value to avoid extended time on the market.
FHA Loan
A government-insured loan that allows lower credit scores and down payments. Ideal for first-time buyers.
Pro Tip: Budget for mortgage insurance, which is required with FHA loans.
Fixed-Rate Mortgage
A loan with the same interest rate for the life of the loan. Offers predictable payments over 15 or 30 years.
Pro Tip: Lock in a low rate when interest rates are trending upward.
Foreclosure
Occurs when a homeowner defaults and the lender repossesses the home. These properties are often sold at discounted prices.
Pro Tip: Foreclosures are sold as-is—always get a thorough inspection.
Home Equity
The difference between your home’s market value and what you owe. It builds as you pay down the mortgage or home value increases.
Pro Tip: Use home equity wisely for renovations or debt consolidation.
Home Inspection
An evaluation of a property's structure and systems. Identifies issues before closing.
Pro Tip: Attend the inspection to better understand potential concerns.
Homeowners Association (HOA)
A group that sets rules and maintains shared spaces in a community. They collect monthly or annual fees.
Pro Tip: Review HOA rules and budget before buying—fees can impact affordability.
Home Warranty
A service plan that covers repairs on major appliances or systems. Usually valid for one year after purchase.
Pro Tip: Request one from the seller for peace of mind during the first year.
Interest Rate
The percentage charged by a lender for borrowing money. It affects your monthly payment and total loan cost.
Pro Tip: Even small differences in rates can save or cost thousands over time.
Listing Agent
Represents the seller in a real estate transaction. Responsible for pricing, marketing, and negotiating offers.
Pro Tip: Strong listing agents use professional photos and staging to attract buyers.
Loan Pre-Approval
A lender’s written commitment to provide a loan up to a certain amount. It shows sellers you're a serious and qualified buyer.
Pro Tip: Get pre-approved before home shopping for a competitive edge.
Loan-to-Value Ratio (LTV)
The loan amount divided by the home's value. A key factor in loan approval.
Pro Tip: A lower LTV means less risk and may help you avoid PMI.
MLS (Multiple Listing Service)
A shared database where agents list properties for sale. Helps agents match buyers with available homes.
Pro Tip: Ask your agent to set up MLS alerts so you see new listings fast.
Mortgage
A loan used to buy a home. Paid back over time with interest.
Pro Tip: Compare loan options to find the best rate and terms for your budget.
N – S
Net Proceeds
The amount a seller pockets after subtracting mortgage balance, fees, and commissions from the sale price.
Pro Tip: Estimate net proceeds before listing to plan your next move.
Pending Sale
The home has an accepted offer and is in escrow. It’s not officially sold until closing.
Pro Tip: You can still submit a backup offer in case the deal falls through.
Principal
The amount borrowed in a mortgage, excluding interest. Part of your monthly payment goes toward paying it down.
Pro Tip: Make extra payments to reduce your loan term and total interest.
Private Mortgage Insurance (PMI)
Required on conventional loans with less than 20% down. Protects the lender if you default.
Pro Tip: Once you reach 20% equity, request to remove PMI and lower your payment.
Property Taxes
Taxes paid to local government, based on assessed value. Often included in mortgage payments.
Pro Tip: Check for exemptions if you're a veteran, senior, or disabled.
Refinancing
Getting a new mortgage to replace the old one, often for better terms or lower rates.
Pro Tip: Compare closing costs with potential savings to make sure it’s worth it.
Seller’s Market
A market where demand exceeds supply, giving sellers the advantage. Prices often rise, and homes sell fast.
Pro Tip: In this market, buyers need to be ready to act quickly and make strong offers.
Short Sale
When a home is sold for less than the mortgage owed with lender approval. It helps avoid foreclosure.
Pro Tip: These deals take longer—be prepared for delays and negotiations.
Staging
Preparing and decorating a home to appeal to buyers. Can include decluttering, rearranging furniture, or using rented decor.
Pro Tip: Staged homes sell faster and often for a higher price.
Survey
A property boundary report that shows lot lines, structures, and easements. Important for legal clarity.
Pro Tip: Always get a survey, especially if fences or additions are in question.
T – Z
Title
Legal proof of property ownership. Must be clear of liens or disputes.
Pro Tip: Verify title is clear before closing—your agent and escrow will help.
Title Insurance
Protects against past ownership claims, fraud, or errors in public records. Paid once at closing.
Pro Tip: Always get both owner’s and lender’s title insurance for full protection.
Transfer Tax
A fee charged when property ownership changes. Amount varies by location.
Pro Tip: Negotiate who pays it in the contract—it’s often a closing cost split.
Under Contract
The home has a signed purchase agreement and is in escrow. Sale is pending final steps.
Pro Tip: Deals sometimes fall through—stay alert for re-listings.
Underwriting
The lender’s process of verifying your financial details before issuing final loan approval.
Pro Tip: Don’t open new credit accounts or change jobs during this phase.
VA Loan
A mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible veterans and service members. Requires no down payment or PMI.
Pro Tip: Take advantage of this benefit—it can make homeownership more accessible for vets.
Walk-Through
A final home check before closing to ensure it’s in the agreed condition.
Zoning
Regulations that govern how land and buildings can be used (residential, commercial, etc.).
Based on information from California Regional Multiple Listing Service, Inc. as of September 23, 2026 5:46 PM UTC This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g.square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with
Last updated: September 23, 2026 5:28 PM UTC Property Information © 2026 
The information being provided by Conejo Simi Moorpark Association of REALTORS ® ("CSMAR") is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange ("IDX") program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or
The MLS™ I-Tech ® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in
Page Lake Powell Association of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may
