Know the Lingo: Tips for Reading Real Estate Listings
Feb 14, 2017 02:58PM ● Published by Linda Ditch
- ARM: Adjustable Rate Mortgage is a type of loan where the interest rate varies according to market conditions.
- Bathrooms: A full bathroom has a toilet, sink, and bathtub, a three-quarter bathroom has a toilet, sink, and shower, and a half bathroom has only a toilet and sink. (Pwdr rm refers to a powder room or half bathroom.)
- Closing costs: Miscellaneous expenses paid by the buyer and seller when the home’s sale is complete; these include the brokerage commission, mortgage-related fees, the attorney’s settlement charges, transfer taxes, recording fees, and title insurance.
- CMA: A Comparable Market Analysis is a report put together by your Realtor® that shows the prices of recently sold houses or houses for sale that are comparable to the one you’re interested in buying (also known as “comps”).
- Contingency: Provisions that need to be met (such as a home inspection) before the sales agreement becomes legally binding.
- Dk: Deck
- EIK: Eat-in kitchen
- FDR: Formal dining room.
- FRM: Fixed rate mortgage, when the interest rate does not change for the life of the mortgage.
- Fixture: Anything permanently attached to or a part of the property, such as carpeting, light fixtures, window coverings, and landscaping.
- FP, frplc, fplc: Fireplace
- FSBO: For sale by owner
- Gar: Garage
- Grmet kit: Gourmet kitchen
- HDW: Hardwood floors
- Hi ceils: High ceilings
- HOA: Home Owners Association
- Home Warranty: A type of insurance that covers certain home-system repairs (heating and air conditioning, plumbing, electrical, appliances, for example) if they break down.
- In-law pot’l: There is potential for the creation of a separate apartment depending on local zoning restrictions.
- Loan Origination Fee: The fee charged by a lender for processing a new loan. The fee can vary from lender to lender.
- LR: Living room
- Lsd pkg: Leased parking area
- MLS: Multiple Listing Service is an organization that compiles information about homes listed for sale by its real estate broker members.
- Pot’l: Potential
- Pvt: Private
- REALTOR®: A real estate broker or sales associate who is a member of the National Association of REALTORS®. Not all real estate agents are REALTORS®.
- Short Sale: A property where the homeowner’s lender is helping them avoid foreclosure by allowing them to sell the house for less than what is owed on the mortgage.
- Title Insurance: A policy that protects against any claims made on the property’s title.
- W/D: Washer and dryer
- W/W crpt: Wall-to-wall carpeting
Test your lingo, check out these 3 local listings!
($459,000) Delightfully practical home in wonderful residential neighborhood. Two large living spaces, newly renovated gourmet kitchen, sunset views to the west. First floor master, and a total of four bedrooms, 3 bathrooms, a large office and expansion potential. Walkout lower level and super deck for summer dining. Neighborhood abuts trails. Paved roads. Subject to Blueberry Hill covenant.
All images courtesy of Realtor.com.