Real estate terms explained in English and Spanish
The words your clients see on Zillow, in your texts and in the title company’s emails – explained in plain English, each with a Spanish version you can send as it is.
What does “under contract” mean? Explained in English and Spanish
Under contract means the seller accepted an offer and both buyer and seller signed the purchase contract. The home has a buyer, but the sale is not finished: inspection, appraisal, financing and closing are still ahead.
What does “pending” mean on a house for sale? English and Spanish
Pending means the home has a signed contract and the sale is in its final stage: usually the main contingencies are resolved and only closing is left.
What does “contingent” mean on a house? English and Spanish
Contingent means the home has an accepted offer, but the contract depends on one or more conditions – contingencies – that must be met before closing.
What is escrow when buying a house? English and Spanish
Escrow means a neutral third party – a title company, escrow company or attorney, depending on the state – holds the money and documents of the sale and releases them only when the contract’s conditions are met.
What is earnest money? Explained in English and Spanish
Earnest money is the good-faith deposit the buyer delivers after signing the contract. The title or escrow company holds it, and at closing it is credited toward the down payment or closing costs.
What is the option period in Texas? English and Spanish
In Texas the option period is a number of days, set in the contract, during which the buyer can terminate for any reason in exchange for an option fee paid to the seller.
Appraisal came in low? What it means, in English and Spanish
An appraisal is a licensed appraiser’s estimate of the home’s value for the lender, which will not lend more than the appraised value supports.
What is a Closing Disclosure? English and Spanish
The Closing Disclosure is a 5-page form with the final terms of the mortgage: interest rate, monthly payment, closing costs and the cash needed to close.
What is closing on a house? English and Spanish
Closing is the day buyer and seller sign the final documents, the money is delivered and the property passes to the buyer; the deed is then recorded and the buyer gets the keys.
General explanation, not legal advice and not a translation of the contract. The signed contract and the law of the state where the property is located govern.