By submitting your email, you agree to the Terms of Use and Privacy Policy. HDWD Hardwood GLFP Gas log fire place NOO Non-Owner Occupied A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. CP Carport Bonus information may be placed in "Other" field. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Fpgas Gas Fireplace BOT Boat Slip CLTV Combined Loan To Value Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. These abbreviations are typically written in all capital letters. Maximum loan amounts can vary by county. He also works as a digital marketer for a regional e-commerce website. Only those representatives with Advisor in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Read, A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. CDS Cul de sac APPLS Appliances Click to reveal SN Senior Related:18 Big Storage Ideas to Steal from Tiny Homes. MEIK Modern eat-in kitchen OA Owner Agent If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. SRO Single Room Occupancy MCOA Min $ on Assumption If a place is advertised as needing TLC then its likely a bona fide fixer-upper. CVAC Central Vacuum L/O Lease Option F-bmt Finished Basement Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. TEN Tennis Court Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. Copyright 2023 Acton Media Inc. All rights reserved. All of these abbreviations are commonly used to describe the features of a house or commercial property. Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems.
The Real Estate Terms to Know When You're Looking at Home Listings The number of days a property listing is considered active. 27. Business TRSH Trash Pickup COCR or CCR Cash on Cash Return
BB Real Estate Abbreviation Meaning - All Acronyms Brkf Breakfast Area In many listings, the term is used to describe to an area that's in the process of transition. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. RELO Relocation office HI CEIL(S) High ceilings Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. This abbreviation is a shorthand way of showing your affection to your partner. VWS, VW, VU View or views A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Col Colonial
About Truist | Truist Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. BKYD Backyard GARD Garden Learn, A home loan not guaranteed by a government agency, such as the FHA or the VA. Read, A certain portion of the homes purchase price that a buyer must pay. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. Cloudflare Ray ID: 7a28359a3f44c34a CAC Central Air Conditioning REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. WHF Whole House Fan Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. This is a statement a borrower will receive from their lender at least three days before closing on a home. Powered by webmasterWP.com. As-is : The owner is selling the home in its current condition and will not make any repairs or correct any flaws with the property. This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. C-fan Ceiling Fan There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. All Rights Reserved. RELATED: What Does "TMI" Mean, and How Do You Use It? Brokerage. Read more about back-end ratio here. A property that has come back on the marketafter a pending sale. COO or C of O Certificate of Occupancy CFan Ceiling Fan Look for this accreditation or something similar when shopping for a home inspector. Get the top BB abbreviation related to Real Estate. That doesnt mean that its a done deal by any means, however (more on that next). If you're still unclear what a shorthand is referring to, reach out to the listing agent. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. EMC Earnest money contract Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. DWF, DWAC Deep Water/Access FFBR First Floor Bedroom An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. C/VAC Central vacuum HB Half Bath (toilet + sink) Principal, interest, property taxes and homeowners insurance (PITI), A fee charged to borrowers who make a down payment that is less than 20% of the homes value. OBO Or Best Offer CRS. Even though a sale is highly likely, some pending properties may still accept backups. DEDRS Deed Restrictions NGS Natural Gas MK Modern kitchen I want to receive exclusive email updates from YourDictionary. Since we launched in 2006, our articles have been read billions of times. A concrete point at which buying a home makes more financial sense than renting one. property in buildings and land; space, capacity See the full definition . 3/4 Bath toilet + sink + shower or tub Clus Cluster PRO Internet Professional Not all products and services are available in all states. Large E-2 plan:This is one of several floor plans available in a specific building. The first entry for this abbreviation on Urban Dictionary was made in 2006 and referred to it as Netspeak for baby, normally placed at the end of a text.. Read more about FHA loans here. F/BSMT Fully finished basement There are five main categories of real estate. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. GRI Graduate REALTOR Institute A percentage of the homes value owned by the homeowner. FCRA Fair Credit Reporting Act DK Deck Real Estate Definition. The meaning of REAL ESTATE is property in buildings and land. Dr -Dining Room FHA Federal Housing Administration FSBO For Sale by Owner IGSP In-Ground Sprinkler Learn more about HOAs here. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Learn more about homeowners insurance here. RTO Rent to Own Cldsc Cul-de-sac Prices are often higher than average. A half bathroom or powder room has only a toilet and a sink. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. STR On Street Parking Not all mortgages. This claim belongs to a third party, who can either be an organization or an individual. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. CLHMS Certified Luxury Home Marketing Specialist A visual evaluation performed by a licensed home inspector to look for any potential defects or items of note related to the property, building(s), and the systems in a home. SKY Skylights SPDED Special Warranty Deed MIC Mint Condition (like new or new) SPLT Split-Level FAG Forced air gas PAR Partially Fenced
What Is a Short Sale? There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. SD Security Deposit FSBO For Sale by Owner CH Central heat A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home.
So if you adore what you see in thelisting, it certainly canthurt to inquire. LLP Limited Liability Partnership This website is using a security service to protect itself from online attacks. If not, it could end up back on the market, so go ahead and inquire if youre interested. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. NAR National Association of Realtors This means that aproperty is currently on the market and available for sale. Essentially, "turnkey" means that . Cnl Canal GRT RM Great room MYOB Mind Your Own Business Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. A full bathroom is a room with a toilet, a sink and a bathtub. PL/A Above Ground Pool But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. W/W CRPT Wall To Wall Carpet If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. Banks, savings and loans, and credit unions. A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. When a home listing touts its custom features, take care. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. HWH Hot water heater EA exclusive agency FEMA Federal Emergency Management Agency You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Agents use this status to indicate that the seller is open toreceivingbackup offersbecause the sale may not go through., Back onthemarket (BOM):The propertyhas becomeactive again,afterrecentlybeingtaken offthemarket., Closed (CL):The property has been sold and is no longer available., Expired:The property is no longer available for saletypically because the seller could not find a buyer., Pending:Thepropertyis under contract and all contingencies have beenfulfilled, but the settlement still needs to take place., Temporarily off market (TOM):The home is not currently available for saleandshowings arenotallowed,butitwillsoon beback on the market. JV Joint Venture Home affordability takes into account your income, down payment, and monthly debts. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. SEC Security System The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). FSBO For Sale By Owner POR, POR-S Porch/Screened STA State The "P" represents percent. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. Read more about mortgage insurance. Bsmt Basement A loan estimate can help borrowers shop and compare costs of loans with lenders. WF Waterfront ARI Articles of Incorporation Notice, certificate. Not all real estate agents are REALTORS. SFH Single Family House Active This means that a property is currently on the market and available for sale. No purchase is necessary to view U.S. SAT Satellite Dish A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home.