Real Estate Transactions Glossary (A–Z) | Spanish-English
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Real Estate Transactions
The Language of Property: Real estate law is the foundation of wealth and community. Whether it is a family purchasing their first home or a corporation acquiring a skyscraper, the transaction relies on a complex framework of contracts, titles, and finance. For the legal interpreter, this section requires a shift from the adversarial tone of the courtroom to the transactional precision of the closing table.
The vocabulary here is deeply rooted in history (with terms like fee simple and easement) yet constantly evolving with modern finance (terms like reverse mortgage and short sale).
Title and Ownership: At the core of every transaction is the concept of title—the legal right to own land. Interpreters must navigate the nuances of how title is held and transferred via deeds and ownership structures.
Financing the Purchase: Most real estate is bought with borrowed money. The interpreter must distinguish between the Promissory Note (the promise to pay) and the Mortgage or Deed of Trust (the security instrument). Mastering this terminology ensures that the interpreter provides the clarity required for justice to be served at the closing table.
A
Abstract of TitleResumen de título
Definition: A summary of the history of the title to a specific piece of land.
Notes: Lists all transfers, liens, and encumbrances.
Notes: Lists all transfers, liens, and encumbrances.
AmortizationAmortización
Definition: Scheduled repayment of a loan over time through regular installments.
AppraisalTasación
Definition: Professional estimate of a property’s fair market value.
Appraised ValueValor tasado
Definition: The value assigned by a licensed appraiser.
ARM (Adjustable-Rate Mortgage)Hipoteca de tasa ajustable (ARM)
Definition: Mortgage with an interest rate that changes periodically based on an index.
Assessed ValueValor tasado por el municipio
Definition: Value determined by a municipality for property tax purposes.
Assumption of MortgageAsunción de hipoteca
Definition: Buyer agrees to take over the seller’s existing mortgage.
B
Balloon PaymentPago global (o pago balón)
Definition: Large final payment on certain mortgages or seller-financed loans.
Beneficiary (Deed of Trust)Beneficiario
Definition: The lender in a deed of trust arrangement.
Boundary LineLínea de linde
Definition: Legal perimeter dividing one parcel of land from another.
Bridge LoanPréstamo puente
Definition: Short-term loan allowing a buyer to purchase new property before selling another.
Broker (Real Estate)Corredor de bienes raíces
Definition: Licensed professional authorized to negotiate property sales.
Broker’s CommissionComisión del corredor
Definition: Fee paid to the broker upon sale completion.
Buyer’s AgentAgente del comprador
Definition: Real estate agent representing the buyer’s interests.
C
Certificate of Occupancy (CO)Certificado de ocupación
Definition: Document certifying a building complies with codes and is safe to occupy.
Chain of TitleCadena de titularidad
Definition: Historical sequence of property ownership.
Clear TitleTítulo limpio
Definition: Title free of liens, encumbrances, or legal defects.
Closing (Settlement)Cierre (liquidación)
Definition: Final step where documents are signed and ownership transfers.
Closing CostsCostos de cierre
Definition: Fees associated with completing a real estate transaction.
Cloud on TitleNube en el título / defecto de título
Definition: An encumbrance or claim that affects the clear ownership of property.
Common ElementsElementos comunes
Definition: Parts of a property shared by all owners in a condo or HOA.
Comparable Sales (Comps)Ventas comparables
Definition: Similar properties sold recently used to determine value.
ContingencyContingencia
Definition: Condition that must be met for a contract to proceed.
CC&RsConvenios, condiciones y restricciones
Definition: Rules imposed by HOAs or developers governing property use.
D
Debt-to-Income Ratio (DTI)Relación deuda-ingreso (DTI)
Definition: Percentage of monthly income used to pay debts.
DeedEscritura
Definition: Legal document transferring property ownership.
Deed of TrustEscritura de fideicomiso
Definition: Security instrument involving borrower, lender, and trustee.
Disclosure StatementDeclaración de revelación
Definition: Seller’s written disclosure of known property defects.
Down PaymentPago inicial
Definition: Amount paid upfront by the buyer before financing.
Due DiligenceDiligencia debida
Definition: Buyer’s investigation of property condition and title.
E
Earnest Money Deposit (EMD)Depósito de buena fe
Definition: Buyer’s deposit showing commitment to purchase.
Earnest Money ReleaseLiberación del depósito de buena fe
Definition: Written agreement releasing EMD under specified conditions.
EasementServidumbre
Definition: Legal right for someone to use another’s land for a specific purpose.
EncumbranceGravamen
Definition: Claim, lien, or restriction affecting property.
EquityEquidad (o patrimonio neto)
Definition: Difference between property value and mortgage debt.
EscrowCuenta de garantía (escrow)
Definition: Neutral third-party account holding funds or documents.
F
Fair Market RentRenta de mercado justa
Definition: Estimated rental cost for similar properties in an area.
FHA LoanPréstamo FHA
Definition: Mortgage insured by the Federal Housing Administration.
Fixed-Rate MortgageHipoteca de tasa fija
Definition: Mortgage with a constant interest rate for the entire term.
FixtureArtículo adherido (fijo)
Definition: Item that becomes part of the property.
Flood ZoneZona de inundación
Definition: Area classified by FEMA as high-risk for flooding.
ForeclosureEjecución hipotecaria
Definition: Legal process where lender takes possession for unpaid debt.
Form 1098Formulario 1098
Definition: IRS form documenting mortgage interest paid.
G
Gap Insurance (Title)Seguro de brecha (título)
Definition: Temporary title coverage between closing and recording.
General Warranty DeedEscritura de garantía general
Definition: Deed offering highest protection; guarantees clear title.
Good Faith Estimate (GFE)Estimado de buena fe
Definition: Former disclosure outlining loan costs.
Grantor / GranteeOtorgante / Beneficiario
Definition: Grantor transfers title; grantee receives it.
Gross Living Area (GLA)Área habitable total
Definition: Finished, heated, above-grade square footage.
Ground LeaseArrendamiento de terreno
Definition: Long-term land lease allowing tenant to build.
H
Hazard InsuranceSeguro contra riesgos
Definition: Covers structural damage from disasters.
HOA (Homeowners Association)Asociación de propietarios
Definition: Governs shared communities; enforces CC&Rs.
HELOCLínea de crédito con garantía hipotecaria
Definition: Revolving credit line secured by equity.
Home InspectionInspección de vivienda
Definition: Examination of the condition of property systems.
Housing RatioRelación de vivienda
Definition: Percentage of income spent on housing costs.
HUD-1 Settlement StatementDeclaración de liquidación HUD-1
Definition: Closing form used to itemize all charges.
I
Ingress/Egress RightsDerechos de entrada y salida
Definition: Legal access rights, usually via easements.
Inspection ContingencyContingencia de inspección
Definition: Allows cancellation based on inspection results.
Intangible PropertyPropiedad intangible
Definition: Non-physical rights associated with property (e.g. air rights).
Interest Rate LockFijación de tasa de interés
Definition: Guarantees a rate until closing.
Interest-Only MortgageHipoteca solo de intereses
Definition: Loan where initial payments cover only interest.
Investment PropertyPropiedad de inversión
Definition: Property purchased to generate income.
J
Joint TenancyTenencia conjunta
Definition: Co-ownership with survivorship rights.
Joint Venture AgreementAcuerdo de empresa conjunta
Definition: Partnership for a shared real estate project.
Judgment LienGravamen por sentencia
Definition: Lien imposed due to unpaid judgment.
Judicial ForeclosureEjecución hipotecaria judicial
Definition: Court-ordered foreclosure process.
Jumbo LoanPréstamo jumbo
Definition: Mortgage exceeding conforming limits.
K
Key MoneyPago de llave
Definition: Upfront payment for desirable commercial space.
Kick-Out ClauseCláusula de reemplazo
Definition: Allows seller to accept other offers if buyer fails contingencies.
Kitchen and Bath AllowanceSubvención para cocina y baño
Definition: Builder credit for upgrades in new construction.
Knockdown RebuildDemolición y reconstrucción
Definition: Full demolition followed by new construction on same lot.
L
Landlord-Tenant LawLey de arrendadores e inquilinos
Definition: Statutes governing rental relationships.
Lease-Purchase AgreementAcuerdo de arrendamiento con opción de compra
Definition: Lease with option or obligation to buy.
Letter of Intent (LOI)Carta de intención (LOI)
Definition: Preliminary document outlining terms.
LienGravamen
Definition: Legal claim securing payment of debt.
Lis PendensAviso de litigio pendiente (lis pendens)
Definition: A recorded notice that a lawsuit is pending affecting title.
Listing AgreementContrato de listado
Definition: Contract between seller and broker setting commission.
Loan Estimate (LE)Estimado del préstamo
Definition: Disclosure form provided within 3 days of application.
Loan-to-Value Ratio (LTV)Relación préstamo–valor
Definition: Loan amount divided by property value.
M
Market ValueValor de mercado
Definition: Price mutually agreed under normal conditions.
Master-Planned CommunityComunidad planificada maestra
Definition: Large development with zoning and amenities.
Mechanic’s LienGravamen de contratista
Definition: Claim filed for unpaid labor or materials.
MLSServicio de listado múltiple
Definition: Database of listed properties used by Realtors.
Mortgage InsuranceSeguro hipotecario
Definition: Insurance protecting lender on low down payments.
Mortgagee / MortgagorPrestamista hipotecario / Deudor hipotecario
Definition: Mortgagee = lender; mortgagor = borrower.
N
Negative AmortizationAmortización negativa
Definition: Loan balance increases when payments don’t cover interest.
Net Operating Income (NOI)Ingreso operativo neto
Definition: Income minus operating expenses.
Non-Conforming LoanPréstamo no conforme
Definition: Loan that does not meet standard agency guidelines.
Notice of Default (NOD)Aviso de incumplimiento
Definition: Notice borrower is behind, starting foreclosure.
Notice of Trustee’s SaleAviso de venta del fideicomiso
Definition: Public notice of foreclosure auction date.
O
Offer (Purchase Offer)Oferta de compra
Definition: Formal written proposal to purchase property.
Open HouseCasa abierta
Definition: Marketing event where buyers tour property.
Operating ExpensesGastos operativos
Definition: Costs to operate rental or commercial property.
Option to PurchaseOpción de compra
Definition: Right to buy within a set period for a fee.
Owner’s Title InsuranceSeguro de título del propietario
Definition: Protects buyer from title defects.
P
Plat MapPlano de subdivisión
Definition: Recorded map showing lots, easements, and streets.
Points (Discount)Puntos de descuento
Definition: Fees paid to lender to lower interest rate (1 point = 1%).
Power of Attorney (POA)Poder notarial
Definition: Legal authority granted to act for someone.
Pre-ApprovalPreaprobación
Definition: Conditional lender commitment based on verification.
Prepayment PenaltyPenalidad por pago anticipado
Definition: Fee for paying off a loan before its term.
Private Mortgage Insurance (PMI)Seguro hipotecario privado
Definition: Required insurance if down payment is under 20%.
Private Road Maintenance AgreementAcuerdo de mantenimiento de camino privado
Definition: Document assigning responsibility for private roads.
Property SurveyLevantamiento topográfico
Definition: Measurement establishing legal boundaries.
ProrationProrrateo
Definition: Allocation of costs between buyer and seller at closing.
Purchase AgreementContrato de compraventa
Definition: Binding agreement outlining specific sale terms.
Q
Quitclaim DeedEscritura de renuncia
Definition: Transfers interest without guaranteeing clear title.
R
Real Estate Owned (REO)Propiedad adjudicada
Definition: Bank-owned property after a failed foreclosure auction.
Real PropertyBienes inmuebles
Definition: Land and any structures permanently attached.
RealtorAgente inmobiliario (Realtor)
Definition: Agent member of the National Association of Realtors.
ReconveyanceReconveyance
Definition: Document releasing mortgage lien after full payoff.
Refinance (Refi)Refinanciar
Definition: Replacing an existing mortgage with a new one.
Rent RollRegistro de rentas
Definition: Document listing tenants, rents, and lease terms.
Reverse MortgageHipoteca inversa
Definition: Loan for seniors 62+ using equity as collateral.
Right of First Refusal (ROFR)Derecho de tanteo
Definition: Gives a specific party the first chance to buy.
S
Sales ContractContrato de venta
Definition: Formal agreement detailing terms of property transfer.
Seller’s DisclosureDeclaración del vendedor
Definition: Mandatory list of known property defects.
Short SaleVenta corta
Definition: Sale for less than the remaining mortgage balance.
Special AssessmentEvaluación especial
Definition: Extra charge by HOA or town for specific improvements.
Subordination AgreementAcuerdo de subordinación
Definition: Document making one lien junior (secondary) to another.
Survey MarkerMarca topográfica
Definition: Physical marker identifying boundary points.
T
Tenancy in Common (TIC)Copropiedad en común (TIC)
Definition: Co-ownership with no survivorship rights.
TitleTítulo de propiedad
Definition: Bundle of legal rights of ownership.
Title InsuranceSeguro de título
Definition: Protects against losses from title defects.
Title SearchBúsqueda de título
Definition: Examination of public records for liens or claims.
Transfer TaxImpuesto de transferencia
Definition: Tax paid when a property is conveyed.
Trustee SaleVenta del fideicomiso
Definition: Public auction held under a deed of trust.
U
UnderwritingSuscripción hipotecaria
Definition: Process where lender evaluates risk of borrower and property.
Utility EasementServidumbre de servicios públicos
Definition: Legal right for utility companies to access land.
V
VA LoanPréstamo VA
Definition: Mortgage guaranteed by the Dept of Veterans Affairs.
Vacancy RateÍndice de vacancia
Definition: Percentage of unoccupied units in a rental.
Verification of Employment (VOE)Verificación de empleo
Definition: Confirmation of job status and income.
W
Walk-ThroughRecorrido final
Definition: Final inspection of property before closing.
Warranty DeedEscritura de garantía
Definition: Deed guaranteeing the grantor has clear title.
Withholding Tax (FIRPTA)Impuesto de retención (FIRPTA)
Definition: Mandatory withholding for foreign sellers.
Wraparound MortgageHipoteca envolvente
Definition: Seller financing that wraps around an existing loan.
Z
Zero-Lot Line HomeCasa con línea de lote cero
Definition: Structure built directly on the boundary line.
ZestimateEstimación de Zillow
Definition: Automated price estimate based on algorithms.
ZoningZonificación
Definition: Local laws regulating land use and building.
Zoning OverlayDistrito superpuesto de zonificación
Definition: Special zoning area with additional rules layered on.
Zoning VarianceVariación de zonificación
Definition: Permission to deviate from standard zoning rules.
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