Buying a home in Los AngelesÂ can be a daunting task.Â Where do you start?Â Well, ideally you should use the services of aÂ Los Angeles real estate agent, but often buyers like to look for listings themselves.
Most of the listings you will see online derive from the Multiple Listing Service (MLS) the bible of the real estate industry.Â The layout will look different on different sites, but this should help explain some of the general terminology:
LPÂ â€“ list price
StatusÂ â€“ this will show whether the listings is A (Active), B (in escrow in backup status generally meaning that all the contingencies have not been removed so the seller may be accepting backup offers in case the current escrow falls through)
ZoneÂ â€“ R1, R2, etc. meaning the zoning of the property.Â R1 is usually single family only.
VUÂ â€“ View (yes or no)
GHÂ â€“ Guest house
LSEÂ â€“ Will show if the property is also for lease
HODÂ â€“ Homeowners dues, for condos, gated communities, etc.
PLÂ â€“ Pool (yes or no)
FP â€“Â Fireplace
YBÂ â€“ Year built
STO â€“Â Number of stories
FURÂ â€“ Furnished (yes or no)
PETS: Â This will say yes, no or call
BR -Â Number of bedrooms
BAÂ Â â€“ Number of bathrooms
APX SFÂ Â â€“ Approximate sq. ft. of property.
APX LSZÂ Â â€“ Approximate sq. ft. of lot
PKGT: Â Â How many gated parking spaces there are
PKGC: Â Â How many covered parking spaces there are. Â This and the one above are sometimes confused. Â It is best to look atÂ PARKÂ below the description which should go into more detail.
REMARKSÂ â€“ You will see a description of the home and other relevant comments. Â There is a â€œPrivate Remarksâ€ section for your real estate agent which may add some housekeeping notes, qualifying needs, or other matters that may add light to the property and avoid wasted time in some instances.
Other terms worth noting:
AMENITÂ â€“ This is usually on a condo listing, gated community, etc. Â It will describe the amenities in the complex â€“ pool, gym, concierge, etc.
AIRÂ â€“ This is where you will see whether the air conditioning is central, wall, none, etc.
FLOORÂ â€“ The type of flooring will be listed here â€“ hardwood, carpet, tile, mixed, etc.
OCC/SHOWÂ Â â€“ These are the showing instructions â€“ lockbox, agent accompanies, 24 hour notice, etc.
HEAT -Â central, forced, etc.
LAUNDRYÂ Â â€“ Here you will see if the laundry is inside or a community laundry.
FINÂ â€“ Financing. Â You can generally ignore this.
Next you will see:
LPÂ Â â€“ List price
OLP -Â Old list price. Â If prices has been changed this will reflect the original list price
DOMÂ â€“ Days on the market. Â The number of days the property has been on the market
CDOMÂ Â â€“ Â Combined days on the market. Â The listing could have expired, been withdrawn, etc. Â This shows you the total number of days it has been on the market.
LD Â -Â List date. Â The date the property was put on the market.
CDÂ Â - Â Contract date. Â The date a purchase offer was accepted.
SPÂ Â â€“ Â Sales price. Â The final sales price.
SDÂ â€“ Â Sales date. Â The date the sale closed.
LP/SFÂ â€“ List price per sq. ft.
SP/SFÂ â€“ Sales price per sq. ft.
More Frequently Asked Questions:
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