Guide to real estate lingo and acronyms
When you are ready to purchase a property, it is important to know something about the terms used in real estate language. These terms might be unusual for a first time buyer, but it is advantageous to know more about the real estate lingo, to not fall behind during a conversation with your Realtor or with the seller.
Of course, always ask questions when you see or read something in the paperwork which you do not understand.
- Assum. Fin. Usually refers to assumable financing that pertains to the financing that the buyer is planning to use.
- Fixture This refers to any important thing that is connected to the actual property. According to real estate lingo, real estate is termed as real property, and any movable part is termed as personal property. If you still have doubts about what could be termed as a fixture, here are some examples: wall-to-wall carpeting, light fixtures, window coverings, and landscaping are some of the examples of fixtures. There have been many differences between the buyer and seller regarding fixtures. Hence, to be on the safe side, make sure you get your agreement on fixtures in writing.
- Frplc, fplc, FP. These three acronyms are usually referred to a fireplace in the property.
- Gar Refers to garage.
- Gard This usually refers to a garden in the property.
- Grmet kit This refers to the availability of a gourmet kitchen in the property.
- HDW, HWF, Hdwd. These three acronyms refer to hardwood floors in the property.
- Hi ceils Refers to availability of high ceilings in the house.
- In-law potential This often refers to the possibility for a different apartment, subject to local zoning restrictions.
- MLS Acronym for Multiple Listing Service, which is an organization that collects, compiles, and distributes information about homes listed for sale by its real estate agent members. Although the public cannot make sure of this information that is supplied by this institution, realtors can buy this information for their use.
- Poss Possible
- Pot'l Potential
- Pvt Private
- Pwdr rm. Half bathroom or powder room
- Lsd prk. This refers to the leased parking area. This area may or may not come with an additional cost.
- Large E-2 plan This refers to one of many floor plans that are used in a particular building.
- Lock box. This refers to a locked key-holding device connected to a for-sale house so that real estate agent can enter the property after getting permission from the listing agent.
- FDR This refers to the formal dining room in the property.
- Dk Deck
- Expansion pot'l This is the acronym for expansion potential, which means that there could be the chance of adding a room or even an upper level. However, this is subject to local zoning restrictions.
- Contingency This refers to a provison in an agreement that can withhold the seller from making the agreement fully legal, before a certain condition is met. For example, if there is some repair to be done in the house, it is the responsibility of the seller to make these repairs before an agreement for it to be sold can become absolutely legal.
- Closing costs This refers to the entire miscellaneous expenses package, which is supposed to be paid by the buyer and seller when the real estate deal finalizes. These costs include brokerage commission, mortgage-related fees, escrow or attorney's settlement charges, transfer taxes, recording fees, title insurance etc. These closing costs are generally paid through escrow.
- CMA This is an acronym for comparative market analysis or competitive market analysis.