US Real Estate Glossary: Terms You Will Hear When Buying in Florida
Short answer: US real estate has its own vocabulary, and many terms have no direct Turkish equivalent. This glossary explains the terms you will meet most often in plain English.
The English terms you hear during the offer, inspection, and closing can feel confusing. The list below is kept simple so you can scan for the term you need.
- Appraisal
- An expert's estimate of a home's market value, ordered by the lender.
- Closing
- The final step where documents are signed, funds move, and ownership passes to the buyer.
- Closing Disclosure
- The document showing final loan terms and costs, delivered at least 3 business days before closing.
- Contingency
- A condition in the contract that gives you a way out if it is not met, such as inspection, financing, or appraisal.
- Counteroffer
- The seller's response to your offer with different terms.
- Earnest money
- A good-faith deposit paid after your offer is accepted; credited toward the total at closing.
- Equity
- The difference between a home's value and the debt on it.
- Escrow
- Money or documents held by a neutral third party until closing. It also refers to the account a lender collects monthly for property tax and insurance.
- FICO / Credit score
- A 300-850 number summarizing your payment history in the US.
- HOA
- The neighborhood association that manages common areas and rules and collects dues.
- CDD
- A charge in some newer communities that finances infrastructure, billed with the property tax bill.
- Home inspection
- An independent check of the home's condition, ordered by the buyer.
- Homestead
- In Florida, a primary residence can qualify for certain property tax benefits; ask the county for the rules and eligibility.
- Listing agent / Buyer's agent
- The agent representing the seller / the agent representing the buyer.
- Loan Estimate
- The form given after a loan application showing the estimated interest rate, payment, and costs.
- MLS
- The shared database where homes are listed and agents search.
- Mortgage
- A home loan secured by the property.
- Pre-approval
- A letter from a lender, after reviewing your documents, showing how much you may borrow.
- Prepaids
- Insurance, tax, and interest items paid up front at closing.
- Property tax
- A yearly tax set by the county; it may be reassessed after a sale.
- Seller credit
- An amount the seller contributes toward your closing costs.
- Survey
- A measurement showing the lot boundaries and structures.
- Title
- Legal ownership of the home.
- Title company / Title insurance
- The company that searches ownership records and runs closing / insurance against hidden defects in ownership.
- Wind mitigation
- An inspection documenting a home's wind resistance; may help lower insurance premiums.
- Flood zone
- An area on a flood risk map; the lender may require flood insurance.
- Wire transfer
- A direct bank-to-bank money transfer; the most common way to pay at closing.
- Power of attorney
- A document that lets someone act for you in specified matters.
- Apostille
- A certification that makes a document issued in one country valid in another.
- DSCR loan
- An investor loan approved on the home's rental income rather than personal income.
- Condo / Townhome / Single-family
- Condominium / attached house / detached house.
- Special assessment
- An extra charge a condo or HOA asks of owners for a major repair.
Knowing the terms helps you decide with confidence at every stage. To see what happens when, read the guide to buying from Turkey and the closing costs guide.
Frequently asked questions
Do I need to know all of these terms?
No. I explain each term as it comes up; the glossary is just to get acquainted ahead of time.
Will the contract be in English?
Yes, US contracts are in English. I walk you through key clauses, and I recommend an attorney for legal interpretation.
Related guides
- Florida Closing Costs for Buyers
- Wiring Money from Turkey and Closing Remotely
- HOA and CDD Explained
Let's go through the terms together
If any term or step is unclear, let's clarify it together in a short call.
Book a free consultationThis article is for general information only and is not legal, tax, lending, or insurance advice. Rules, rates, and timelines can change. Before you decide, speak with a loan officer, title company, attorney, or CPA. Nisa Esmer, Florida-licensed REALTOR® (License No. SL3665986), Elite Choice Home Group, Future Home Realty Inc.