EMPIRE LUXURY PROPERTY (ELP) is the easiest way to find, buy, and sell property. Find the right estate agent, contact a real estate agent, get a price estimator, compare properties, and more!

No matter if you're looking for a new home or want to invest in rental property, ELP will find the perfect solution for you. Whether it's a condo or a home - we have it all! We can even help you find your next dream home! For first-time buyers or sellers in real estate, understanding the various terms can be a daunting task.

Here is a list of common terms in the property market between buyers, sellers, and agents:

1. Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that can change periodically based on market conditions.

2. Appraisal: An evaluation of a property's value conducted by a professional appraiser.

3. Buyer's Market: A market condition in which there are more properties for sale than there are buyers, giving buyers an advantage in negotiations.

4. Capitalization Rate (Cap Rate): A measure used to estimate the potential return on investment for a real estate property. It is calculated by dividing the property's net operating income (NOI) by its purchase price or value.

5. Closing Costs: Fees and expenses associated with the purchase or sale of a property that are payable at the closing of the transaction.

6. Comparative Market Analysis (CMA): An evaluation of the prices of similar properties in the same area to determine the fair market value of a property.

7. Deed: A legal document that transfers ownership of a property from one party to another.

8. Down Payment: The upfront payment made by the buyer towards the purchase price of a property, typically a percentage of the total price.

9. Equity: The difference between the market value of a property and the outstanding mortgage or loan balance.

10. Escrow: The holding of funds or documents by a neutral third party (usually an escrow agent) until all conditions of a real estate transaction are met.

11. Foreclosure: The legal process by which a lender takes possession of a property due to the borrower's failure to make mortgage payments.

12. Home Inspection: A thorough examination of a property's condition, usually conducted by a certified home inspector, to identify any potential issues or defects.

13. Homeowners Association (HOA): An organization in a residential community or condominium complex that establishes and enforces rules and regulations for the properties and common areas. Homeowners within the community are typically required to pay fees to the HOA.

14. Interest Rate: The percentage charged by a lender for borrowing money, usually associated with a mortgage or loan.

15. Lease: A legal agreement between a landlord and a tenant that grants the tenant the right to use the property for a specified period in exchange for rent.

16. Listing: A property that is publicly advertised for sale or rent by a real estate agent or broker.