Coon Rapids, Minnesota
2143 Northdale Blvd NW
Coon Rapids, MN 55433
(763) 548-1400
Serving the greater Twin Cities areas since 2004. Be with the best trained agents in the metro.

5 Real Estate Terms Residents in Coon Rapids, MN, Should Know February 13, 2019

Coon Rapids, Anoka
5 Real Estate Terms Residents in Coon Rapids, MN, Should Know, Coon Rapids, Minnesota

Whether you are buying or selling a home, you may hear some confusing lingo in the real estate industry. While it may take time to get used to, adding these words to your vocabulary can help you navigate the market. The following are some key terms that can be useful as you attend open houses, make financial plans, list your property, or make offers. 

5 Essential Real Estate Terms to Know

1. Escrow

When purchasing a home, it’s important to keep your finances organized. An escrow can help you do so. This term refers to an account that your lender sets up for you when you buy a home. You will use this account to pay monthly expenses like homeowners insurance and property taxes. 

2. Appraisal

real estateAn appraisal is an evaluation of a home’s value. During this process, a licensed appraiser will consider a variety of factors and compare the home to others in the area. They will then estimate an accurate value. When you are buying a home, an appraisal can help you apply for the right mortgage. It can also help home sellers price their houses according to market value.

3. Equity

You have likely heard this term while discussing loans and payments. Home equity is the difference between your home’s value and the amount you owe on the house. You will build equity as you make payments on your house, thus building your own wealth. Equity can also change as the local market fluctuates, so be sure to tune into these adjustments. 

4. Contingency

When you present a set of contingencies, you are listing out the conditions that the seller must meet before you make an offer. For example, you might list that the seller must complete a home appraisal and inspection before you put in a final offer. While contingencies may be more flexible in a seller’s market, they can also protect buyers from entering an agreement hastily. 

5. Broker

A real estate broker and agent are not the same. Brokers go through additional training and licensing requirements to earn this title. They may work on their own or hire agents, but requirements for brokers vary by state. You may also work with a mortgage broker at some point. These professionals can process your mortgage and place it with a bank or other party to fund it. 


When buying or selling a home, you need a real estate team with local knowledge and years of expertise. This is why individuals and families in the Minneapolis area trust EXIT Realty Nexus. Located in Coon Rapids, MN, these real estate agents can list your home, set up showings, and help you effectively negotiate. They can also help you find the right loan to fit your needs. To view a list of available properties, visit them online today. You can also call (763) 548-1400 to set up a meeting with an agent. 

Other Announcements, Events and Deals from EXIT Realty Nexus
4 Reasons Why Seniors Should Downsize in Coon Rapids, MN, Coon Rapids, Minnesota
As you get older, your lifestyle goals will inevitably change. Living in a big home can become more of a burden when the kids have gone off to lead their own lives, and you’re more
3 Signs It's Time to Move to a New House in Coon Rapids, MN, Coon Rapids, Minnesota
The decision to move to a new home can be both personal and challenging. While sentimental attachments might make it difficult to say goodbye to a property you once loved, a variety more
Why Real Estate Agents in Coon Rapids, MN Should Work With Photographers, Coon Rapids, Minnesota
When it comes to selling homes, the importance of using crisp, high-quality images cannot be overstated. Real estate photographers dramatically improve the appeal of property more
A Guide to Buying Property in Coon Rapids, MN, Coon Rapids, Minnesota
Buying land can be daunting for newcomers. Fortunately, areas like Coon Rapids, MN, have a wealth of property available, and you can make a wise investment with a strategic approach more
What Are MLS Listings in Coon Rapids, MN? , Coon Rapids, Minnesota
When you sell a home, one phrase you might hear a lot is “MLS,” which stands for multiple listing service. Used by licensed real estate agents in Minnesota and across the more