Resources
Real estate glossary
Definitions in plain English, with the New Jersey specifics included.
Attorney review
The three-business-day period after a New Jersey realtor-form contract is fully signed, during which either party's attorney may disapprove the contract and propose modifications.
Agency disclosure
The required explanation of the business relationships a New Jersey licensee can have with a consumer, provided at first meaningful contact.
Appraisal
An opinion of value prepared by a licensed appraiser, typically ordered by a lender. Not the same as an automated estimate or a comparative market analysis.
Bulkhead
A retaining structure along a waterfront or lagoon property. Age and condition materially affect value and cost of ownership.
Certificate of occupancy (resale CO)
A municipal inspection and certificate required by some New Jersey municipalities before a residential property changes hands.
Closing Disclosure
The federally required form itemizing final loan terms and closing costs, provided to the borrower at least three business days before consummation.
Comparative market analysis (CMA)
An agent's analysis of recent sales, active competition and pending activity used to develop a pricing strategy. Not an appraisal.
Contingency
A contract condition that must be satisfied for the transaction to proceed — commonly inspection, mortgage and appraisal contingencies.
Dual agency
When one licensee or brokerage represents both buyer and seller in the same transaction, permitted in New Jersey only with informed written consent.
Elevation certificate
A document recording a structure's elevation relative to flood level, used in determining flood insurance rating.
Escrow
Funds or documents held by a neutral third party pending completion of conditions.
Flood zone
A FEMA designation indicating flood risk, affecting insurance requirements and cost.
Mortgage commitment
A lender's written commitment to fund, subject to conditions. Contracts set a deadline for obtaining it.
Multiple listing service (MLS)
The cooperative database through which brokers share listing information and offers of cooperation.
Realty transfer fee
A New Jersey fee on the transfer of real property, generally paid by the seller, with statutory exemptions.
Title insurance
Insurance protecting against defects in title that a search does not reveal.
Underground storage tank (UST)
A buried fuel tank, common in older homes with a history of oil heat. A tank sweep is routine due diligence in this market.
Under contract
A property with an accepted, signed contract. Depending on stage and contingencies, it may or may not still be available for backup offers.
Definitions are general and for orientation only. Your contract controls, and your attorney interprets it.