Real Estate terms that you should know

• Earnest: monetary amount that a seller of a property receives from the buyer as a deposit.
• Guarantee: contract in which a third person agrees to pay for the purchase of a house in the event that the debtor cannot assume that payment.
• Clause: conditions that are established in a contract for both parties to comply with.
• Deed of sale: document signed before a notary in which a home is transferred in exchange for a price.
• Property deed: document issued before a notary public in which the buyer acquires the ownership of a home.
• Mortgage: contract in which a buyer receives a loan from a financial institution. In this, the payment terms are determined, interest included, to return the money to the entity.
• IBI: acronym for "Property Tax". It is an annual local tax levied on the owners of a property.
• Capital gains: tax levied on the increase in the value of a real estate. This increase has been achieved by circumstances external to the dwelling, for example, an increase in the value of the land.

Did you know the meaning of all of them? Without a doubt, if you are in the process of buying, renting or selling a property, we recommend that you keep them well in mind!