First time home buyers could run into many different terms and abbreviations that real estate agents use. This is a cheat sheet so the uninformed don’t have to feel like a complete dummy.
Contingency – This is a contract with a provision that outlines certain conditions of the contract. It simply means that the agreement is not fully and legally binding unless certain conditions are met. For example: a buyer may have a contingency agreement that the contract is not legally binding until there has been a home inspection and any repairs over an agreed upon cost are taken care of by the seller.
4B/2B - This stands for 4 bedrooms and 2 bathrooms. Usually a bedroom is defined as a room with a window and a closet but this definition will vary in some regions. A half bath usually means it has only a toilet and a sink and is sometimes called a powder room. A three quarter bath usually means there is a toilet, sink, and a shower. A full bathroom means there is a toilet, sink, and a bathtub.
Assum Fin – this term usually means assumable financing.
CMA – This stands for comparative or competitive market analysis. It is a report showing the prices of homes of comparative value that were closed recently or are still on the market.
Closing costs – Generally, closing costs are paid through escrow. When a real estate deal closes, there is an entire package of miscellaneous expenses that are paid by the buyer and the seller including: title transfer taxes, brokerage commissions, mortgage-related fees, recording fees, title insurance, escrow or attorney’s settlement fees, etc…Your real estate agent should explain this up front. It is up to the buyers agent to suggest using and explain this to the buyer and it is up to the listing agent to explain and clarify this to the seller.
Expansion pot’l - This means there is the potential for expansion. Whether the lot has room for additions on the ground floor or the zoning codes have no restrictions of adding a an upper level.
Dk – This stands for deck or sun deck.
Fab pentrm – This stands for fabulous pentroom and simply means there is a room under the roof but on the top floor that has great views from more than one wall.
Frplc, fplc, FP – All these stand for fireplace.
FDR – This one means formal dining room.
Gar – This one is for garage and if you see gard. – that is for garden.
Fixture – If there is something of value and it is permanently attached to the property, it is classified as a fixture. Typically, if something is movable it is personal property and if it is attached it is part of the property. Some examples are carpeting, light fixtures, window coverings, landscaping and so on. Since these things are typically the cause of disputes it is always best to put it in writing as part of the offer to purchase.
Large E-2 plan – This usually means the floor plan is one of several available units in a specific building.
Grmet kit – Gourmet kitchen.
Hi ceils – high ceilings.
HDW, HWF, Hdwd – hardwood floors.
Lsd pkg – leased parking.
In-law potential – This means there is the potential for a separate apartment for an in-law or renter to live in.
Lo dues – Some neighborhoods have a homeowners association with annual or monthly dues and this means the dues ar in the low range.
MLS – Multiple Listing Service is an organization where information about all properties is collected and organized . These are open for the public to view but you have to be a licensed real estate agent, broker, or realtor to place a listing and they are for regional coverage. They do not cover the whole nation.
Listing – This is an agreement between a home owner and a real estate agent or broker for the agent to arrange the marketing and the sale of a real estate property. The term can also refer to the property itself when a real estate agent is used to sell the property. For example, ” This great real estate agent has sold 3 listings on one street in the last month.”
Nr bst schls – Near the best schools.
Pvt – private.
Pot’l – potential.
Lock box – This is a device that real estate agents typically attach to a door with a combination lock so a key can be stored inside. That way a buyers agent can show a house to a potential buyer while no one is home and without the listing agent‘s presence.
Vw, vu, vus, vws – View(s)
Pwdr rm – powder room
Upr – upper room
Title insurance – This is an insurance policy that protects the interests of the owner or lender from assorted types of fraudulent claims or unexpected claims of ownership. This is to protect the buyer and it is customary for the buyer to pay for this policy as part of the mortgage.
REALTOR® – Real estate agent or broker who is a member of the National Association of Realtors. Not all real estate agents are Realtors.
When you use a professional real estate agent that is truly looking out for your best interests, you will know that there is no question they will not answer for you so if you don’t know – ASK! Don’t hesitate to ask whatever you want to know about your Realtor in Raleigh NC.