Georgia Real Estate FAQ and Glossary

The legal relationship describing whom a real estate licensee represents and what duties apply. Ask for the current Georgia disclosures and written agreement that explain the relationship in your transaction.

A person or firm licensed to perform real estate brokerage activity and supervise affiliated licensees. Verify Georgia licenses and disciplinary information through the Georgia Real Estate Commission.

A written agreement describing the brokerage services, duration, duties, compensation, and termination terms for a buyer. Read it before signing and ask how compensation will work for the properties you may consider.

A seller's written brokerage agreement covering marketing authority, duration, duties, compensation, and other terms. It is a contract; compare the written provisions rather than relying on a verbal summary.

A licensed professional affiliated with a broker. The license does not replace the separate expertise of attorneys, lenders, inspectors, appraisers, tax advisers, engineers, or insurers.

A person who helps organize documents, dates, and communications. The role and authority vary, and administrative coordination is not automatically legal, lending, inspection, or brokerage advice.

A term generally signaling that the seller is not promising repairs or improvements. It does not tell you everything about disclosure duties, inspection rights, or negotiated remedies; the contract controls.

A recently sold property used as one reference point when analyzing value. Location, timing, size, condition, features, concessions, and market conditions can make one sale more or less comparable than another.

A contract condition tied to a stated event or review, such as financing, appraisal, inspection, or sale of another property. The exact right, notice, deadline, and consequence come from the signed contract.

A response that changes proposed terms. It is not acceptance of the original offer. Track the complete current version, expiration, signatures, and delivery rather than combining verbal fragments.

A listing-system measure of time on the market. Definitions and resets can vary by MLS and listing history, so use it with price changes, status history, and property context.

The buyer's investigation of the property, documents, costs, risks, and surrounding facts within the rights and deadlines provided by the contract. Georgia contracts can handle this differently; never assume a standard number of days.

A deposit showing the buyer's commitment and handled according to the contract. Whether it is refundable, credited, disputed, or forfeited depends on the signed terms and what happens during the transaction.

A broker-to-broker listing database with property and cooperation information. Public portals may display much of the data, but timing, fields, status labels, and history can differ.

An amount or cost the seller agrees to pay or credit under the contract. Financing rules, appraisal, program limits, and final closing figures can affect how it is used.

A standardized measure that reflects the interest rate plus certain loan costs. It can help compare offers, but it is not the same as the note rate or your total monthly housing cost.

The amount shown on the final Closing Disclosure that the borrower is expected to provide at closing after accounting for the down payment, deposits, credits, costs, and adjustments. Confirm secure delivery instructions directly with the closing professional.

A mortgage that is not insured or guaranteed by a federal government program. Eligibility, pricing, mortgage insurance, down payment, and property requirements vary by lender and loan product.

The portion of the purchase price paid from the buyer's funds rather than financed in the first mortgage. It is only one part of cash needed for deposits, closing costs, reserves, moving, and repairs.

An account a mortgage servicer may use to collect and pay items such as property taxes and homeowners insurance. An escrow payment can change even when principal and interest stay fixed.

A mortgage insured by the Federal Housing Administration and originated by an approved lender. Current program rules, costs, property standards, and borrower eligibility should be verified with the lender and HUD resources.

The percentage used to calculate interest on the loan balance. It is different from APR and does not by itself show taxes, insurance, mortgage insurance, association charges, or closing costs.

A credit from the lender that offsets eligible closing costs, often in exchange for different loan pricing. Compare the rate, APR, payment, cash to close, and expected ownership period rather than the credit alone.

A federal mortgage disclosure showing estimated loan terms, projected payments, and closing costs. For covered loans, use estimates based on the same scenario to compare lenders and ask about changes.

Insurance that generally protects the lender or program when required by the loan. The type, duration, cancellation rules, and cost depend on the mortgage product and facts.

Upfront fees expressed as a percentage of the loan amount, often associated with obtaining a particular interest rate. Evaluate the upfront cost against the expected monthly difference and time in the loan.

A lender's conditional assessment based on reviewed borrower information. It is not a guarantee of final approval; the property, updated finances, underwriting, and other conditions still matter.

An early estimate of possible borrowing capacity, often based on information supplied by the consumer. The process and review depth vary, so ask the lender exactly what was verified.

The loan amount borrowed or still owed, excluding interest and many other charges. A monthly housing budget should also account for taxes, insurance, association charges, maintenance, and utilities.

A mortgage backed by the U.S. Department of Veterans Affairs for eligible borrowers and originated by a private lender. Eligibility, entitlement, funding fees, underwriting, and property requirements must be confirmed for the transaction.

An independent opinion of value prepared by a qualified appraiser, often for a lender. It is not a home inspection and does not guarantee condition, price, or future value.

A FEMA map designation used in flood-risk and insurance decisions. A mapped zone is not a guarantee that flooding will or will not occur; review the current map, elevation and property facts, insurance options, and local information.

A visual evaluation of accessible systems and components within the inspector's scope. It is not an appraisal, warranty, code-compliance certificate, or prediction that nothing will fail.

An organization that may enforce recorded covenants and collect assessments for a community. Review current governing documents, budgets, insurance, reserves, violations, pending projects, fees, and transfer requirements.

Federal disclosure rules apply to many homes built before 1978. Buyers should review the EPA information, available reports, contract rights, and the need for qualified testing or risk assessment.

A professional depiction of boundaries and certain improvements or encroachments, prepared for a stated purpose. Survey type, age, certification, and title or lender requirements matter.

Local rules governing land use and development. Verify the parcel with the applicable city or county; a mailing address, neighbor's use, listing statement, or past use does not guarantee your intended use is allowed.

The settlement process in which documents and funds are completed and ownership or loan interests are transferred according to the transaction. Confirm the date, possession, documents, funds, and wire instructions with the responsible professionals.

Upfront charges connected to the loan and property transfer, separate from the down payment. Compare the Loan Estimate and Closing Disclosure and ask about any change you do not understand.

A five-page federal form providing final details for many mortgage loans. The CFPB says it is generally provided at least three business days before closing so the borrower can compare it with the Loan Estimate and ask questions.

A legal instrument used to transfer an ownership interest in real property. The deed type, names, legal description, execution, recording, and legal effect should be reviewed by the closing attorney or another qualified attorney.

A buyer's pre-closing visit to check agreed condition, included items, completed work, and changes. It is not a substitute for inspection and does not expand the contract rights.

A legal claim or encumbrance that may affect property or proceeds. Title work and the closing professional help identify and address recorded matters, but specific legal questions belong with an attorney.

The legal ownership interest and related rights in real property. A title search, closing review, survey, and title insurance address different questions and limitations.

An insurance policy addressing covered title defects subject to its terms, exceptions, exclusions, and amount. Lender and owner policies protect different insured interests.

A value used by local tax authorities under applicable rules. It is not automatically the listing price, appraisal, market value, or amount a buyer will pay.

A real estate professional's analysis of relevant listings, sales, competition, and property differences to support a pricing discussion. It is not an appraisal or guaranteed sale price.

The difference between a property's value and debts or claims against it, before selling costs and other adjustments. An estimate can change with value, loan balances, liens, and transaction expenses.

A property-tax benefit that may reduce taxable value for a qualifying primary residence. Georgia and local exemptions, ownership dates, application procedures, deadlines, and eligibility vary; check the Georgia Department of Revenue and county officials.

An opinion or estimate of what a property could sell for under stated market conditions. It is not the same as assessed value, replacement cost, loan balance, or a guaranteed offer.

The estimated amount remaining to a seller after payoffs, compensation, concessions, closing charges, prorations, repairs, moving expenses, and other transaction costs. It is not the same as taxable gain.

A local tax based on assessed value and applicable millage or tax rates, with possible exemptions. Verify the specific parcel and future-year assumptions with county or municipal officials.

Information the seller provides about the property and known conditions. The form, scope, exceptions, and legal effect depend on the transaction; it does not replace independent investigation.