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The Meaning Behind Common Real Estate Terms

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I explained to you before Difference between half-body bath and full-body bath,others toilet mathWhy do I see a list that references , and “Major” The bedroom (rather than the “master”).But when it comes to conditions With real estate listings, they’re just the beginning.

Here’s a breakdown of other common words, phrases, and acronyms you might come across while scouring your new home listing (or escaping). browsing property you could never buy).

Meaning of common real estate terms and acronyms

If you find yourself skipping jargon in your real estate listings, you may be missing: Some important information about the property.here are some definition that can help:

  1. as it is: Your home needs repairs or renovations that the seller does not complete before or as part of the sale
  2. complete: Recently sold homes/property currently on the market, location, size, When Type; helps real estate agents/buyers set asking prices for homes
  1. contingency: conditions that must be met before the property can be sold. Common examples include home surveys, appraisals, and financing.
  2. Dom: number of days in the market.If a property is taking longer than usual to sell, it may be considered an older property
  3. EMDs: Deposit; usually used for down payment and closing costs
  4. FSBO: Owner-owned sale (i.e. no real estate agent involved in the sale)
  5. handyman specials: The house needs some work. The range extends to major structural repairs and/or common bowel or more minor cosmetic updates.
  6. market price: the price that buyers are willing to pay and sellers are willing to accept on the open market.The prevailing price of a house/property at a particular point in time, taking into account location, size, condition, and supply and demand
  7. MLS: Multiple Listing Service; a database accessible to realtors (not the general public) containing listings for specific neighborhoods
  8. serious buyers only: Please only arrange a viewing if you are truly interested in purchasing the property
  9. old list: Properties that have been on the market for longer than expected.The buyer may interpret that there is something wrong with the house
  10. turnkey: The house is ready to move in (although the buyer may wish to change the appearance).

The Meaning Behind Common Real Estate Terms

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