Home Buying Glossary
Plain-language definitions for researching an Orange County purchase, sale, or ownership decision. The controlling contract, disclosure, public record, or current official rule should always be checked.
Appraisal
An independent opinion of value prepared for a stated purpose and effective date; it is not a guarantee of sale price or future value.
Assessment
A value or charge established by a public agency or association under applicable rules. Verify the parcel-specific record.
Buyer contingency
A contract condition that can provide a defined investigation, appraisal, financing, or other right subject to the agreement and deadlines.
Closing
The process in which required documents and funds are completed and the transaction is settled and recorded as applicable.
Comparable sale
A property transaction used as evidence in a market analysis or appraisal after relevant differences are considered.
Condominium documents
Governing, budget, insurance, reserve, litigation, and other association records relevant to ownership and project review.
Contingency removal
A contractual action affecting a buyer’s rights and risk; obtain transaction-specific professional advice before acting.
Deed
A legal instrument used to transfer an interest in real property. Recording and ownership questions require title or legal review.
Down payment
The portion of a purchase price the buyer pays from their own funds rather than financing.
Earnest-money deposit
Funds deposited under a purchase agreement and handled according to the contract and escrow instructions.
Escrow
A neutral arrangement in which documents or funds are held and released according to written instructions and applicable law.
Homeowners association (HOA)
An organization that administers recorded covenants and community obligations; review its governing and financial records.
Home inspection
A visual evaluation of accessible property conditions within the inspector’s scope; specialized inspections may still be needed.
Multiple Listing Service (MLS)
A cooperative database used by participating real-estate professionals; data fields and status rules depend on the service.
Property tax
A parcel-based public charge. Transfer, reassessment, exemptions, and supplemental bills can change the amount.
Title report
A report describing recorded ownership, liens, easements, and exceptions identified by the title company for the transaction.
Transfer disclosure statement
A California seller disclosure form addressing specified property conditions; other disclosures and investigations may also apply.