It is in fact a real word (but that doesn't mean . Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Refinancing is generally done to secure better loan terms, such as a lower interest rate. PCF Price to Cash Flow (ratio) L/O Lease Option Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013), B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). A/C Air Conditioning HUD Department of Housing and Urban Development A security deposit made by the buyer to assure the seller of his or her intent to purchase. Maximum loan amounts can vary by county. SEW Sewer HI CEIL(S) High ceilings TRSH Trash Pickup CFD Contract for Deed An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. CPM Certified Property Manager I havent seen you in forever. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. I want to receive exclusive email updates from YourDictionary. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. RVR River Normally, a piece of property can be easily classified as either personal property or real property. Please switch to a supported browser or download one of our Mobile Apps. Fees imposed by the state, county or municipality on transfer of title. The seller has an agreed-upon contract with the potential buyer. Home affordability takes into account your income, down payment, and monthly debts. BB Real Estate Abbreviation. 2/1 2 bedrooms / 1 bathrooms The seller has an accepted offer but is waiting to see if the buyers bank will agree to it, says Realtor Dawn Rivera with Realty World-Viking Realty in Fremont, CA. Abbreviations on the list may have capitalization variations. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. This list of real estate investing abbreviations is useful for real estate brokers. Fixture:Anything of value that is permanently attached to or a part of real property. Each lending institution sets its own prime rate. Lo dues:Low homeowners association dues. "Bedroom" usually means a sleeping area with a window and a closetin some areas, laws define what a room needs to be called a bedroombut the . Sub2 Subject to existing financing BLT Built-in HW Hot Water 147.189.141.138 Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. AST Assessment Lien Lien, JTL. When youre well-established enough to give each other pet names, you might want to try calling them baby or babe in person before you start calling them bb in chat. Business An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. MEIK Modern eat-in kitchen Performance & security by Cloudflare. C-fan Ceiling Fan SKY Skylights Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. WBS Wood-Burning Stove DOS Due On Sale Clause A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Exr Exercise Room Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. The amount of the loan divided by the price of the house. You may want the retreat, but ask yourself if you're truly ready for all it entails. When a home listing touts its custom features, take care. Organizations can include local governments, utility companies, and homeowners associations. You can email the site owner to let them know you were blocked. PRO Internet Professional A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. W/D WD Washer and dryer An FDR with a DK? Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Deco Decorative Fence This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Not all real estate agents are REALTORS. Only those representatives with Advisor in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. SEC Security System Market conditions that exist when buyers outnumber homes for sale. He also works as a digital marketer for a regional e-commerce website. Lenders reward lower LTV ratios. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. UNO Unit Number A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. CLTV Combined Loan To Value GAR Garage Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. Refund Policy, U.S. RAD Radiant Heat CPT Carpet or Carport The reason for a botched sale could lie with the previous buyer, but you'll want to do your homework before you give the seller the benefit of the doubt. Terms Of Use Individuals could include neighbors or other people who have a right of way. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. CHMS Certified Home Marketing Specialist REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. BR Bedroom However, the widespread use of BB started in the 2010s, with the rise of smartphones and chat apps becoming the primary form of communication between teenagers. A not-for-profit professional association that sets and promotes standards for property inspections. When used in a real estate listing, the words cozy or charming aren't describing the ambiance of the space so much as the size. 2-LV : Two living levels. Often, the listing will indicate which rooms have hardwood flooring. These structures can be both above and under the ground. Be sure to read the fine print carefully. DhkpP Dryer Hookup A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. So if you adore what you see in thelisting, it certainly canthurt to inquire. You can email the site owner to let them know you were blocked. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Chn Chain Link Fence When you boil it down to the basics, real estate has a simple meaning. ERS exclusive right to sell A database where real estate agents list properties for sale. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. MLS Multiple Listing Service We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Cldsc Cul-de-sac REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. MCOA Min $ on Assumption When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. Foyr Foyer PITI Principal, Interest, Taxes, and Insurance Usually, the realtor's website will give a good description without the real estate abbreviations. HOA Homeowners Association Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. WIC Walk-in closet, ARV After-Repaired Value This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . Not all products and services are available in all states. Cozy Charm. MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors. Dbl Double CRS Certified Residential Specialist P&S Purchase and sale These institutions underwrite as well as set home loan pricing in-house. Sort. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. If you have the money to hire a handyman for every household woe, go ahead. OSP Off-street parking is available This means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. PVT Private So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. WTR Water Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. SN Senior Your IP: 4B/2B: Four bedrooms and two bathrooms. is part of the U.S. Department of Housing and Urban Development. PERM Perm Attic Stairs Cen Central Air P&S Purchase and Sale Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. The difference between the two is usually fairly . STA State . I/O Interest Only (loan) FHA Federal Housing Administration Cdrcl Cedar Closet GRNO Ground Maintenance Baseboard Heat + 2. Business, Property, Real Estate Advertising. SRES Senior Real Estate Specialist, Additional Resources: A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. 1C : One-car garage. Privacy Policy. Suggest. Since we launched in 2006, our articles have been read billions of times. A full bathroom is a room with a toilet, a sink and a bathtub. Lock box:Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. Fees associated with the purchase of a home that are due at the end of the sales transaction.
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