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They charge dues used to maintain common areas. CRT. The. Our belief in better is at the core of everything that we do, every day. WIC Walk-in closet, ARV After-Repaired Value Pro Forma Real Estate: Everything You Need to Know - RealWealth Try. WD PNL Wood paneling Bb. Privacy Policy GRES Graduate Real Estate Society The price of borrowing money. But the cap rate is not the only metric used to evaluate a real estate investment. Check out our glossary of frequently-used mortgage terms. Care starts with culture. 1 /8. TOWN Town House A rehabilitation loan backed by the federal government that permits home buyers to finance money into a mortgage to repair, improve or upgrade a home. OA Owner Agent An origination fee is not a single fee. HB Half Bath (toilet + sink) Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records A portion of your monthly payment goes into the. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. WDSTV Wood-Burning Stove BA Bath A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. P&S Purchase and Sale Home affordability takes into account your income, down payment, and monthly debts. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. SQ FT Square Feet EA exclusive agency AST Assessment Lien Lien, JTL. BB Real Estate Abbreviation Meaning - All Acronyms EMC Earnest money contract HDW, HWF, hdwd - This means there is hardwood flooring in the home. LTV Loan to Value When you purchase through our links we may earn a commission. Updated from an earlier version on realtor.com. Crystal R. Cer Ceramic Tile to see how much house you might be able to afford. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. This abbreviation is a shorthand way of showing your affection to your partner. FDR/DR Dining room or a formal dining room BCH Beach Normally, a piece of property can be easily classified as either personal property or real property. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Fees imposed by the state, county or municipality on transfer of title. is part of the U.S. Department of Housing and Urban Development. I havent seen you in forever. It should return to active soon enough, so its certainly worth piping up if youre smitten. This browser is no longer supported. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). property in buildings and land; space, capacity See the full definition . During this time, the home is inspected and appraised, and the title searched for liens, etc. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. YD Yard A full bathroom is a room with a toilet, a sink and a bathtub. OP Occupancy Permit Individuals could include neighbors or other people who have a right of way. Tiny . Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. A contingent statusmeans that the seller has accepted an offer and the home is under contract. A loan estimate can help borrowers shop and compare costs of loans with lenders. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. After all, you wouldn't want to get stuck with a money pit. SD/W Storm Doors & Windows One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. W/D WD Washer and dryer PUD Planned Unit Development REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. A buyers final inspection of a home before closing. No purchase is necessary to view U.S. The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. Related:12 Ideas to Steal from Vintage Kitchens. Dbl Double F-bmt Finished Basement BR Bedroom Press F to Pay Respects: What Does F Mean Online? NAR National Association of Realtors Active This means that a property is currently on the market and available for sale. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. WTR PD Water paid HBR Harbor A combination of loans bundled to avoid private mortgage insurance. If you hang around social media circles and forums that talk about TV, BB might also stand for Big Brother, a prominent reality show franchise involving a group of strangers living together in the same house. UTCL Utility Closet Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. Keep reading to learn more about this unique abbreviation. Crwl Crawl Space Before you buy, consider what the neighborhood will look like in the long term and if you want to live in a neighborhood that's still in the process of change. GRI Graduate Realtor Institute Brokerage. Cozy Charm. These abbreviations are typically written in all capital letters. Are You Confused With These Real Estate Abbreviations? An encumbrance is a limit on how an owner can use real estate. APT Apartment DET Detached garage CRS. Read more about escalation clauses and making an offer on a home. MLS:Multiple Listing Service. OFC Office/Study WTR Water When you boil it down to the basics, real estate has a simple meaning. HIST Historical District Lenders reward lower LTV ratios. FHA loans are different from conventional loans because they can be approved for borrowers with lower credit scores and may allow for down payments as low as 3.5 percent of the total loan amount. 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. FCRA Fair Credit Reporting Act Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. CCR Conditions, Covenants, and Restrictions SEW Sewer When used in a real estate listing, the words "cozy" or "charming" aren't describing the ambiance of the space so much as the size. Chn Chain Link Fence Read more about closing costs here. 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. A three-page document sent to an applicant three days after they apply for a home loan. OO Owner Occupied An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Cap rates can provide valuable insight into a property. SEC SYS Security System 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 . A Short Guide to Real Estate Lingo - realtor.com I want to receive exclusive email updates from YourDictionary. POA Power of Attorney DLO Seller Disclosure What Does "BB" Mean, and How Do I Use It? - How-To Geek Brkf Breakfast Area WINDT Window Treatment P&S Purchase and sale Real property is immovable property - its land and anything attached to the land. Cont Contemporary A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. NAT GS HT Natural gas heat MAO Maximum Allowable Offer Prepaid interest owed at closing, with one point representing 1% of the loan. Read, A property repossessed by a bank when the owner fails to make mortgage payments. INT Intercom Mstr Master bed room The components of a monthly mortgage payment. FFE furniture, fixture, and equipment FXR Fixer Upper It may sound charming, but a house that's described as having lots of character could look just plain weird in person. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. FR Family room Crprt Carport CMA:Comparative market analysis or competitive market analysis. FSBO For Sale By Owner CCIM Certified Commercial Investment Member . He also works as a digital marketer for a regional e-commerce website. Like, from the 50s. Cap Rate: Defined And Explained | Rocket Mortgage CVAC Central Vacuum 2. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. They charge dues used to maintain common areas. Q POS Available for quick possession Zkratka ESG (z anglickho Environmental . Read more about origination fees here. Real Estate Abbreviations | YourDictionary PULL Pull-Down Attic Stair 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. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. That happens through real care to make things better. What Do All Those Real Estate Listing Terms Really Mean? All rights reserved. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. A minimum requirement is often dictated by the loan type. CAP Capitalization You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. CRB Certified Real Estate Broker PITI Principal, Interest, Taxes and Insurance HW Hot Water 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. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. HTUB Hot Tub The four items include, repairs, vacancy loss, property management, and miscellaneous. In the event there is a DUAL commission split the two digits would be followed by a letter code: Example: P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000). Fees associated with the purchase of a home that are due at the end of the sales transaction. The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Typically, putting away 5% of the rent . GAR Garage RELO Relocation office Related:The Best 10 Plants to Grow for Backyard Privacy. For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Clbhs Clubhouse DhkpP Dryer Hookup 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.