Decoding Real Estate Listings - A Short Guide to Lingo and Acronyms
Real estate ads are usually full of acronyms and terms that are
unfamiliar to first-time buyers. Here's a cheat sheet to let you in on
4B/2B: four bedrooms and two bathrooms
assum fin: assumable financing
bedroom: usually a sleeping area with a window and a closet, but the definition varies in different places
bathroom: There are three types of bathrooms: 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.
closing costs: the entire package of miscellaneous
expenses paid by the buyer and the seller when the real estate deal
closes. These costs include the brokerage commission; mortgage-related
fees; escrow or attorney's settlement charges; transfer taxes; recording
fees; title insurance and so on. Closing costs are generally paid
CMA: comparative market analysis or competitive
market analysis. A CMA is a report that shows prices of homes that are
comparable to a subject home and that were recently sold, are currently
on the market or were on the market but did not sell within the listing
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 contractual right to obtain a
professional home inspection before purchasing the home.
expansion pot'l: expansion potential means 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. Fixtures include installed
wall-to-wall carpeting, light fixtures, window coverings, landscaping
and so on. Fixtures are a frequent subject of buyer and seller disputes.
When in doubt about who will have ownership of fixtures, get it in
frplc, fplc, FP: fireplace
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: one of several floor plans available in a specific building
listing: an agreement between a real estate agent
and a home owner that allows the agent 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 real
estate agent isn't a " listing," itâ€™s called a FSBO (for sale by owner).
lo dues: low homeowner's association dues. Do your
research to find out just how " low" the dues actually are compared to
other dues in the area.
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
lsd pkg: leased parking area; it may come with additional cost
MLS: Multiple Listing Service. An MLS is an
organization that collects, compiles and distributes information about
homes listed for sale by its members, who are real estate agents.
Membership isn't open to the general public, although selected MLS data
may be sold to 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
personal property:movables, such as appliances and furniture
pwdr rm: half bathroom or powder room
real property: real estate is legally called â€œreal propertyâ€
REALTORÂ®: a real estate agent or sales associate who is a member of the NATIONAL ASSOCIATION OF REALTORSÂ®. Not all real estate agents are REALTORSÂ®.
title insurance: an insurance policy that protects a
lender's 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.
upr: upper floor
vw, vu, vws, vus: view(s)
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The Walsh Team: Top
Producing REALTORSÂ® at the William Raveis office in Wellesley, MA,
specializing in Luxury Real Estate, Antique Homes and Estates,
Equestrian Properties and ALL other home sales and property types in the
Metro West area.