Agent - A person acting on behalf of another, called the principal.

Appraisal - An expert judgment or estimate of the quality or value of real estate as of a given date.

Assessed Value - The valuation placed upon property by a public tax assessor as the basis for taxes.

Bill of Sale - An instrument which transfers title to personal property (chattels); a "Deed" transfers'' real property.

CC& R''s: Covenants, conditions and restrictions - A document that controls the use, requirements and restrictions of a property.

Certificate of Reasonable Value (CRV) - A document that establishes the maximum value and loan amount for a VA guaranteed mortgage.

Certificate of Title - A document signed by a title examiner or attorney stating that the seller has a good marketable and insurable title.

Closing Statement (Settlement) - The computation of financial adjustments between buyer and seller as of the day of closing a sale to determine the net amount of money which buyer must pay to seller to complete purchase of the real estate and seller''s net proceeds. Also, "settlement sheets," "HUD-1."

Commission - Payment to a real estate broker for services performed. Condominium - A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surfaces (walls, floors and ceilings) serve as its boundaries.

Contingency - A condition that must be satisfied before a contract is binding. For instance, a sales agreement may be contingent upon the buyer obtaining financing.

Deed - A formal written instrument by which title to real property is transferred from one owner to another. Also, "conveyance". Deed