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The National Association of Hispanic Real Estate Professionals (NAHREP) has released an English-Spanish Glossary of Real Estate Industry. Unlike other glossaries, the English-Spanish Glossary of Real Estate Industry Terms provides both the technical translation for each term and colloquial terminology which are most often used by customers and practitioners.
"A home purchase is widely recognized as the most significant financial transaction most people will make in their lives. For individuals who either prefer to speak Spanish or only speak Spanish, this already complex transaction can become overwhelming," said NAHREP President Joseph Nery. "This glossary is intended to be a guide to corporations, practitioners and governments looking to create Spanish Language resources for their clients and the general public."
In a recent NAHREP survey, top producing Latino agents and loan officers indicated that 40 percent of their transactions make use of Spanish at some point in the transaction, and as much as 25 percent of all transactions utilize Spanish exclusively as the means of communication with their clients. In an already complex and increasingly regulated environment, NAHREP responded to the need to provide guidance and consistency on Spanish-neutral translations of the words and phrases used most frequently over the course of a real estate transaction.