1) Appraisal

The evaluation of a property to determine its price based on previous sales of similar properties.

2) Closing Costs

Expenses incurred in the purchase and sale of property that are paid at the time of closing including: title insurance, attorney fees, appraisal fees, recording fees and taxes.

3) Code of Ethics

A standard of conduct required by license laws and by the National Association of Realtors.

4) Down Payment

The amount of money a buyer pays upfront to purchase the property. This is typically around 10% of the total cost.

5) Earnest Money Deposit

The deposit a buyer makes at the time of submitting an offer to demonstrate the true intent to purchase.

6) Equity

The different between what something is worth and any outstanding mortgage due.

7) Escrow

A third-party account for holding documents and money related to the loan.

8) Fair Market Value

The price for a property agree upon between a buyer and seller in a competitive market.

9) Fixed-Rate Mortgage

A Loan in which the interest rate does not change throughout the term of the loan.

10) Foreclosure

The lender, under a defaulted mortgage, takes title to the property for the purposes of selling it to recoup money owed under the mortgage.

11) Holding Period

The length of time a property is owned.

12) Liability

A debt or claim that is owned. This is used to determine Net Worth.

13) Lock-In Rate Agreement

A guarantee from the lender that the applicant will recieve a specified interest rate on the mortgage loan.

14) Market Value

An estimation of the price for a property in relation to the current real estate market.

15) Net Worth

The difference between your assests and your liabilities. This is used to determine if you qualify for a loan.

16) Origination

The first step in the mortgage loan process consisting of the completion of the application.

17) Pre-Approval

A lender’s estimate of how much you could be eligable to borrow based on credit history and income.

18) Real Estate Broker

An individual employed as an agent to bring buyers and sellers together and assist in negotating real estate contracts between them.

19) Refinancing

The proceeds of a new loan used to pay off an existing mortgage on the same property.

20) Title

The documentation that an owner is in lawful possession of the property.

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Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


Back Bay

Beacon Hill

Charles River Park


North End

South End

Seaport District

South Boston



Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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