I believe understanding the terminology in any profession is a key factor to succeeding, especially in Real Estate. There is so many important real estate terms to understand and even learning the jargon of real estate may be difficult to some. It is important for anyone in real estate to have an idea of what they are talking about. Here are some real estate terms and abbreviations to start!
The closing is what every buyer enjoys. The equity of the property gets transferred over from the seller to the buyer
Closing costs can be a variety of different things during the closing. Title Insurance, Broker’s Commission and Transfer Tax are just a few expenses that occur during a purchase
Real Estate Broker
A Real Estate Broker has important role in the Real Estate business. They are the ones who hope to bring the cash flow in by getting in touch with both buyers and sellers who want to make a deal. Once they get this to happen, they will then negotiate contracts between the two of them.
Real Property Tax Lien
A tax lien is imposed on an owner’s property by the government once the owner does not pay local and state taxes.
Title Insurance is a form of compensation insurance which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.
Contingency: A contingency is what keeps an agreement between a buyer and a seller from being legal until a plan that was spoken about it is met.
Listing: A listing is when a homeowner allows a broker to put their house on the market for someone to buy. The homeowner and the broker must come in full agreement of all the terms before it goes on the market.
3BR- 3 Bedrooms
1 LV 2 LV- 1 or 2 Living Area
4BR/3BA/2C – 4 Bedrooms/3 Bathrooms/ 2 Car Garage
FHA- Federal Home Loan
HVAC- Heating, Ventilation, and Air Conditioning
AICUZ- Air Installations Compatible Use Zones
ASB- Asbestos Siding
For more information, check out: http://www.realtor.com/advice/short-guide-real-estate-lingo/