Spring has finally sprung and Buyers are out there looking for homes to buy! Have you been combing the ads in the papers looking for your dream property? Researching the internet? Going to open houses and reading the feature sheets? Some of the acronyms and terms can be quite confusing! Here’s a cheat sheet to help you as you look:
4B/2B: four bedrooms and two bathrooms
assum fin: assumable financing
bedroom: usually a sleeping area with a window and a closet, but the definition varies in different places. In Ottawa, a room below grade cannot be a “bedroom” if it doesn’t have proper egress in the event of a fire
bathroom: There are different types of bathrooms: a full bathroom is a room with a toilet, a sink and a bathtub; a three piece bathroom has a toilet, a sink and a shower; a half bathroom or powder room has only a toilet and a sink. Also look at number of pieces which helps describe what is available. An ensuite bath can have anywhere from 2 to 6 pieces, traditionally
closing costs: the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission; mortgage-related fees; lawyer’s settlement charges; transfer taxes; recording fees; title insurance and so on.
CMA: competitive market analysis or comparative market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market but did not sell within the listing period.
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 desire to obtain a professional home inspection before purchasing the home.
dk: deck
DR: dining room
fixture: anything of value that is permanently attached to or a part of real property. Fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscaping and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt about who will have ownership of fixtures, get it in writing.
frplc, fplc, FP: fireplace
gar: garage
gard: garden
grmet kit: gourmet kitchen
HDW, HWF, Hdwd: hardwood floors
hi ceils: high ceilings
in-law potential: potential for a separate apartment, subject to local zoning restrictions
listing: an agreement between a real estate Representative and a home owner that allows the Representative to market and arrange for the sale of the owner’s home. The word “listing” is also used to refer to the for-sale home itself. A home being sold by the owner without a real estate Representative isn’t a “listing,” it’s called a FSBO (for sale by owner).
lock box: locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing Representative
lsd pkg: leased parking area; it may come with additional cost
MLS: Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate Representatives. Membership isn’t open to the general public. MLSs are local or provincial.
personal property: movables, such as appliances and furniture
pot’l: potential
pvt: private
pwdr rm: half bathroom or powder room
real property: real estate is legally called “real property”
REALTOR®: a real estate Representative or sales associate who is a member of the CANADIAN REAL ESTATE ASSOCIATION. Not all real estate Representatives are REALTORS®.
title insurance: an insurance policy that protects a lender’s or owner’s interest in real property from assorted types of unexpected or fraudulent claims of ownership. It’s customary for the buyer to pay for the lender’s title insurance policy.
upr: upper floor
Comments(0)