#real estate bendigo
A Short Guide to Real Estate Lingo
4:23 pm ET
November 10, 2014 November 10, 2014
Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? LR with Fplc? An FDR with a DK?
Most real estate agents use similar abbreviations as part of real estate lingo, so once you get the jist, you can read any listing with confidence.
4B/2B: Four bedrooms and two bathrooms. Bedroom usually means a sleeping area with a window and a closet—in some areas, laws define what a room needs to be called a bedroom—but the definition varies in different places. A full bathroom is a room with a toilet, a sink and a bathtub. A three-quarter bathroom has a toilet, a sink and a shower. A half bathroom or powder room has only a toilet and a sink.
CMA: Comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period.
Closing costs : All of the miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission. mortgage-related fees, escrow or attorney s settlement charges, transfer taxes, recording fees and title insurance. Closing costs are generally paid through escrow.
Contingency : A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer s contractual right to obtain a professional home inspection before purchasing the home.