BALC Balcony Used under license. NAR National Association of Realtors A/C Air Conditioning There is no MLS covering the whole country. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. CVAC Central Vacuum Business When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. Crk Creek TXS Taxes SN Senior glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. Try. REIA Real Estate Investors Association L/O Lease Option Learn more here. VYL Vinyl When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. 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. Powered by webmasterWP.com. CCIM Certified Commercial Investment Member HOA Homeowners association What Is a Short Sale? AST Assessment Lien Lien, JTL. In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. INT Intercom TRAD Traditional Closing costs are generally paid through escrow. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. MLSs are local or regional. POF Proof of Funds ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. GNMA Ginnie Mae or Government National Mortgage Association Farm Farmhouse During this time, the home is inspected and appraised, and the title searched for liens, etc. 1C, 2C 1 or 2 car Garage Be sure to read the fine print carefully. Fees imposed by the state, county or municipality on transfer of title. If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. FMV Fair Market Value Read more about back-end ratio here. 4/3 4 bedrooms / 3 bathrooms Real Estate Definition. 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. An FDR with a DK? It is in fact a real word (but that doesn't mean . By submitting your email, you agree to the Terms of Use and Privacy Policy. Cap rates can provide valuable insight into a property. Cbl,Cblh Cable/Hookup Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. CAP Capitalization One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. MK Modern kitchen Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. WAR Warranty Plan Cont Contemporary Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. to see how much house you might be able to afford. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. CP Carport The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). All Rights Reserved. Disclosure: BobVila.com participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to Amazon.com and affiliated sites. These abbreviations are typically written in all capital letters. A lien is a security interest that can give a creditor the right to take possession of a property secured by a loan, such as a mortgage, when the borrower defaults on the loan obligations. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. After the set time period your interest rate will change and so will your monthly payment. Cldsc Cul-de-sac Back Bay + 1 1. The owners bank must approve a lower listing price before the home can be sold. Home affordability takes into account your income, down payment, and monthly debts. Deco Decorative Fence FNCD YD Fenced Yard MAO Maximum Allowable Offer Privacy Policy. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. A full bathroom is a room with a toilet, a sink and a bathtub. MO Month The "P" represents percent. Dr -Dining Room SMB Split Master Bedroom A security deposit made by the buyer to assure the seller of his or her intent to purchase. The four items include, repairs, vacancy loss, property management, and miscellaneous. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. MYOB Mind Your Own Business FAG Forced air gas All Rights Reserved. Cent h/a Central Heat&Air A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. SPAC Spacious Read, 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. Privacy Policy Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. WD PNL Wood paneling Dk Deck The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. UNO Unit Number FPLC, FP, FRPLC Fireplace Bb. OWN Owner Financing When youre well-established enough to give each other pet names, you might want to try calling them baby or babe in person before you start calling them bb in chat. So if you adore what you see in thelisting, it certainly canthurt to inquire. A fee, charged by a broker or lender, to underwrite and process a home loan application. If you have the money to hire a handyman for every household woe, go ahead. We Let ChatGPT Create AI Art, Heres What It Made, The New Outlook for Windows Is Opening Up to More People, How to Optimize Your Steam Deck for a Longer Lasting Battery, 2023 LifeSavvy Media. U/G SPRK Underground Sprinkler Windows 11: How Much RAM Can Your PC Have? A fee charged to borrowers who make a down payment that is less than 20% of the homes value. This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. If its back on the market, theres a reason why the original sale fell through. WTR PD Water paid FHA Federal Housing Administration Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Dsp Garbage Disposal Be sure to read the fine print carefully. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. REL Related to Seller A ratio that compares a home buyers expenses to gross income. Buying a Flipped House: Is It Right for You? One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. The price of a home, as set by the seller. F/A Ht, FAH Forced Air Heat Anne Miller lives in New York and writes real estate news and advice stories. JTUB Jetted Tub LR with Fplc? Crprt Carport SPLT Split-Level Your IP: If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. APT Apartment HUD Housing and Urban Development Fpgas Gas Fireplace The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. Press F to Pay Respects: What Does F Mean Online? A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. 2023 All Rights Reserved. CPT Carpet or Carport EIK Eat in kitchen The property is sold and no longer available. Read, 42. At Truist, our purpose is to inspire and build better lives and communities. FRBO for rent by owner In many listings, the term is used to describe to an area that's in the process of transition. Cdrcl Cedar Closet AJ Affidavit of Joint Tenant Deed. These structures can be both above and under the ground. Resources PL, SP, S/P Swimming pool Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. FSBO For Sale by Owner Check out our glossary of frequently-used mortgage terms. Lo dues:Low homeowners association dues. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. DOT Deed of Trust Home affordability takes into account your income, down payment, and monthly debts. A minimum requirement is often dictated by the loan type. OCN Ocean LPOA Limited Power of Attorney Read more about escalation clauses and making an offer on a home. RDR Radiator Brk Brick If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. G-RNG Gas Range Translation: This home is small. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. HB Half Bath (toilet + sink) If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. SPKLR Sprinkler 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. Read more about the Buy-Rent Breakeven Horizon here. GRI Graduate REALTOR Institute STA State AC or A/C Air conditioning But the cap rate is not the only metric used to evaluate a real estate investment. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. GRI Graduate Realtor Institute It is for information purposes only, and any links provided are for the users convenience. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. MBRFP Master Bedroom w/FP PRV, PVCY FENCE Privacy Fence Try our debt-to-income calculator to learn more. WHF Whole House Fan They charge dues used to maintain common areas. Miscellaneous. BA; BTH : Bathroom. What Does FS Mean, and How Do You Use It? A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Paying points, which are tax deductible, will lower the monthly mortgage payment. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. 67.211.219.14 STOR Assigned Storage Try our amortization calculator to learn more. 2-LV : Two living levels. While any seller can entertainbackup offers as a precautionary measure as long as this is made clear in the contract, this term most often crops up with short sales, since they can often fall through, and it can be helpful if a secondbuyer is waiting in the wings. Learn more about adjustable-rate mortgages here. CMA Comparative Market Analysis Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . and TOWN Town House BD Bedroom Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Often, the listing will indicate which rooms have hardwood flooring. Since many phrases can be shortened to BB, this acronym might refer to other things online. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. BRRRR refinance example. Dry Clothes Dryer The governing body of a housing development, condo or townhome complex that sets rules and regulations. PWDR RM Powder room or half bath When offering a selling bonus to a selling broker, the listing broker must specify the terms of the bonus offer according to the following guideline code: B dollar amount/terms/expiration date of offer (if applies), Examples: B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013) B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). Contact Us Actv Active Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Market conditions that exist when homes for sale outnumber buyers. RELATED: What Does "TMI" Mean, and How Do You Use It? A loan estimate can help borrowers shop and compare costs of loans with lenders. CCR Conditions, Covenants, and Restrictions Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. SCRND PORCH Screened Porch CRS Certified Residential Specialist HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. OSP Off-street parking is available CLTV Combined Loan To Value BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. He's invested in internet culture, social media, and how people interact with the web. Maximum loan amounts can vary by county. Large E-2 plan:This is one of several floor plans available in a specific building. This is important, as identifying a property's class can predict how the asset might perform. REC Recreation Room SFH Single Family House Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. MLS multiple listing service FML Formal GARD Garden ARI Articles of Incorporation Notice, certificate. HW Hot Water RTO Rent to Own Inspection occurs when the home is under contract or in escrow. They provide clues to what is included in the purchase price. Like, from the 50s. D/D Dishwasher and a garbage disposal Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. SHOP Workshop In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. A certain portion of the homes purchase price that a buyer must pay. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. RNCH Ranch The components of a monthly mortgage payment. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Affordability. Not all mortgages carry a prepayment penalty. DWF, DWAC Deep Water/Access If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Learn more about homeowners insurance here. An origination fee is not a single fee. GLFP Gas log fire place REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. ATT Attached Garage Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Cer Ceramic Tile If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. EMC Earnest money contract A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. STR On Street Parking Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. 18 Big Storage Ideas to Steal from Tiny Homes, The 12 Fall Home Maintenance Tasks You Can't Ignore, 7 Features That Define the New American Home, 9 Ways Your Neighbors Can Screw Up Your Home Sale, 10 Signs That Fixer-Upper Might Be a Money Pit, 12 Things Realtors Look For in Homes of Their Own, The Best 10 Plants to Grow for Backyard Privacy, 15 Warning Signs to Look for Before Making an Offer on a Property, Data Shows This Listing Trick Sells Homes for More Money, As-Is Real Estate: What Buyers and Sellers Need to Know, 15 Things Not to Say in Your Real Estate Listing, Watch Out for 12 Real Estate Tactics Designed to Make You Spend More, 11 Awful Real Estate PhotosAnd How to Make Yours Great, 12 Things You Don't Realize Are Annoying Your Neighbors. Crwl Crawl Space Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . ARM Adjustable Rate Mortgage A/G PL : Above-ground swimming pool. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. IRR Internal Rate of Return LA Living area F-bmt Finished Basement The price of borrowing money. HTUB Hot Tub Property Records PITI Principal, Interest, Taxes, and Insurance PITI Principal, Interest, Taxes and Insurance HVAC heating, ventilation and air conditioning Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. PICK Picket Fence PLAY Playground A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. SEW Sewer WHKP Washer Hookup Classifying property is in part about age but should also consider things like affordability, amenities, and livability. AC Acre An encumbrance is a claim that limits how a property owner can use their property. BA Bathroom Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. KIT, KT Kitchen Not all products and services are available in all states. An encumbrance can create a cloud on the title of a real property. I/O Interest Only (loan) This browser is no longer supported. CDS Cul de sac GRMET KIT, GRMT KIT Gourmet kitchen SEC Security System Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. NONQ Non-Qualifying This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. MLS Multiple Listing Service UTRM Utility Room But unlike an AWC, the property is no longer available forshowings., Whileabbreviations and acronymsfor property descriptionsvary by listingand source,thetermsbelow canbe used as a general guide to help you translateanything unfamiliar.If youre still unclear whata shorthand is referring to,reach out to the listing agent., As-is:Theowner is selling the home in its current condition and willnot makeanyrepairs orcorrect any flaws with the property., OLREA:Owner is a licensed real estate agent.
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