Common Real Estate Acronyms and Lingo by Coldwell Banker Realty Corp

Common Real Estate Acronyms and Lingo

Coldwell Banker Realty Corp600 East Main StreetLansdale, PA 19446

215-855-5600www.cbrealtycorp.com

Definitions provided by Realtor.com

Acronyms Your New Home

ENTER YOURCOMPANY

DBAHERE

• BRs- Bedrooms• Bs, Bsmt- Basement• Bths- Bathrooms• CA- Central Air• DR- Dining Room• FR,FamRm- Family Room• Fp- Fireplace• Gar- Garage

• HOA- Homeowner’s association• HDW- Hardwood Floors• LR- Living Room• Int SF- Interior Square Feet• Pwdrroom- Powder room/ Half Bath• Prk- Parking• Sb/Nb- Subdivision/Neighborhood

Definitions

• Appraisal: An opinion or statement (written or oral) of the value of a property.

• Closing Costs: The complete package or miscellaneous expenses paid by the buyer and seller when the real estate deal closes. These costs can include 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 through escrow.

Definitions

• Comparative Market Analysis: An approximation of the worth of a property based on an analysis of sales of properties with similar characteristics.

• Contingency: A term in a contract dependent on a specific stipulation for its fulfillment.

• Down Payment: The fraction of the purchase price of a home that they buyer pays in cash and does not finance. Typically ranging from 5-20%.

Definitions

• Fixture: Anything of value that is permanently attached to or a part of the property. Examples of fixtures are installed lighting, window coverings, built-in appliances, and so on. Fixtures are often subjected to buyer and seller disputes, in the agreement of sales make sure inclusions/exclusions are clearly defined.

• Home Inspection Report: A certified inspector’s report on a property’s overall condition. The report usually comprises of an assessment of both the structure and mechanical systems.

Definitions

• Home Warranty Plan: Protection against failure of mechanical systems within the property. Most commonly includes plumbing, electrical, heating systems, and installed appliances. Plans can vary so be sure to check coverage's, limitations, and exclusions.

• MLS (Multiple Listing Service): An MLS is an organization that gathers, composes and distributes information about homes listed for sale by its members, real estate brokers, regionally.

Definitions

• Title Insurance: An insurance policy that protects a lender’s or owner’s interest in real property from various unforeseen or fraudulent claims of ownership. It’s typically standard for the buyer to pay for the lender’s title insurance policy.

Buying a home can be both exciting and stressful especially for a first time home buyer. Becoming familiar

with the real estate lingo can be a huge advantage to guide you through the home buying process.

Have any questions?

Contact Coldwell Banker Realty Corp

at 215-855-5600 or [email protected]

www.cbrealtycorp.com