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A Short Guide To Real Estate Lingo And Acronyms
By
Sandy Bakst
http://sandybakst.com
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4B/2B - four bedrooms and two bathrooms.
"Bedroom" usually means a sleeping area
with a window and a closet, but the definition varies
in different places. A "full bathroom" is
a room with a toilet, a sink and a bathtub. A "three-quarter
bathroom" has a toilet, a sink and a shower.
A "half bathroom" or powder room has only
a toilet and a sink.
assum. fin. - assumable financing
Closing Costs - This has different
meanings in different states, in some states a Cincinnati
real estate transaction is not consider "closed"
until the documents record at the local recorder which
is the public official who keeps records of transactions
that affect real property in the area, sometimes known
as a "registrar of deeds" or "county
clerk," s office, in others, the "closing"
is a meeting where all of the documents are signed
and money changes hands, costs - the entire package
of miscellaneous expenses paid by the buyer and the
seller when the Cincinnati real estate deal closes.
These costs include the brokerage commission, mortgage
which is a legal document that pledges a Cincinnati
property to the lender as security, that is, the property
that will be pledged as collateral for a loan, for
payment of a debt, instead of mortgages, some states
use first trust deeds,-related fees, escrow or attorney's
settlement charges, transfer tax which is state or
local tax payable when title passes from one owner
to another, is, recording fees, title insurance and
so on. Closing costs are generally paid through escrow.
CMA - comparative market analysis
or competitive market analysis. A CMA is a report
that shows prices of Cincinnati homes that are comparable
to a subject home and that were recently sold, are
currently on the market or were on the market, but
not sold within the listing period.
Contingency - a provision of an
agreement that keeps the agreement from being fully
legally binding until a certain condition is met.
One example is a buyer's contract which is an oral
or written agreement to do or not to do a certain
thing, dual right to obtain a professional home inspection
before purchasing the home.
dk - Most often refers to a deck
Expansion pot'l - expansion potential
mean that there's extra space on the lot or the possibility
of adding a room or even an upper level, subject to
local zoning restrictions.
Fab Pentrm - fabulous pentroom,
a room on top (but under the roof) that has great
views
FDR - formal dining room
Fixture - anything of value that
is permanently attached to or a part of real property
which is land and appurtenances, including anything
of a permanent nature such as structures, trees, minerals,
and the interest, benefits, and inherent rights thereof,
. (Real estate is legally called "real property,"
while movables are called "personal property.")
Examples of fixtures include installed wall-to-wall
carpeting, light fixtures, window coverings, landscape,
that is, adjustable rate mortgages have fluctuating
interest rates, but those fluctuations are usually
limited to a certain amount, those limitations may
apply to how much the loan may adjust over a six month
period, an annual period, and over the life of the
loan, and are referred to as "caps," some
arms, although they may have a life cap, that is,
for an adjustable-rate mortgage (arm), a limit on
the amount that the interest rate can increase or
decrease over the life of the mortgage, allow the
interest rate to fluctuate freely, but require a certain
minimum payment which can change once a year, there
is a limit on how much that payment can change each
year, and that limit is also referred to as a cap
and so on. Fixtures are a frequent subject of buyer
and seller disputes. When in doubt, get it in writing.
Frplc, fplc, FP - fireplace
Gar - garage (garden is usually
abbreviated as "gard.")
Grmet kit - gourmet kitchen
HDW, HWF, Hdwd - hardwood floors
Hi ceils - high ceilings
In-law potential - potential for
a separate apartment, subject to local zoning restrictions
Large E-2 plan - this is one of
several floor plans available in a specific building
Listing - an agreement between a
Cincinnati real estate broker and a Cincinnati home
owner that allows the broker to market and arrange
for the sale of the owner's home. The word "listing"
is also used to refer to the for-sale home itself.
A home being sold by the owner without a Cincinnati
real estate agent, that is, a person licensed to negotiate
and transact the sale of Cincinnati real estate, isn't
a "listing."
Lo dues - low homeowner's association
dues. But find out how "low" the dues are
compared to other dues in the area.
Lock box - locked key-holding device
affixed to a for-sale home so Cincinnati real estate
professionals can gain entry into the home after obtaining
permission from the listing agent
Lsd pkg. - lease which is a written
agreement between the property owner and a tenant
that stipulates the payment and conditions under which
the tenant may possess the Cincinnati real estate
for a specified period of time parking area. May come
with additional cost.
MLS - Multiple Listing Service.
An MLS is an organization that collects, compiles
and distributes information about Cincinnati homes
listed for sale by its members, who are Cincinnati
real estate brokers. Membership isn't open to the
general public, although selected MLS data may be
sold to Cincinnati real estate listings Web sites.
MLSs are local or regional. There is no MLS covering
the whole country.
Nr bst schls - near the best schools
Pot'l - potential
Pvt - private
Pwdr rm - half bathroom or powder
room
Title Insurance - an insurance policy
that protects a lender, that is, a term which can
refer to the institution making the loan or to the
individual representing the firm, for example, loan
officer which is also referred to by a variety of
other terms, such as lender, loan representative,
loan "rep," account executive, and others,
the loan officer serves several functions and has
various responsibilities: they solicit loans, they
are the representative of the lending institution,
and they represent the borrower to the lending institution's
are often referred to as "lenders" or owner's
interest in real property from assorted types of unexpected
or fraudulent claims of ownership. It's customary
for the buyer to pay for the lender's title insurance
policy.
About the Author:
By Sandy Bakst, committed to EXCEEDING
your real estate expectations. Learn more by calling:
513-315-9295 and visit: 7265 Kenwood Rd #105, Cincinnati,
Ohio 45236 for your Cincinnati real estate and northern
Kentucky real estate needs today. http://www.cincihomesforsale.com
and http://sandybakst.com
Source: http://www.isnare.com/?aid=211913&ca=Real+Estate
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