Real Estate Terms Broken Down
July 16, 2018 |
Do you ever look at our social media pages, website or talk with us and wonder what some of the terms we use mean? We want to clear any confusion you have and give you a breakdown of what these common real estate terms mean!
These terms are often used in a home description:
DR = Dining Room
FP = Fireplace
FB = Full Bathroom
HB = Half Bathroom. Only has a toilet and sink. No shower or bath.
LR = Living Room
W/D = Washer Dryer
Active = A property that is on the market, available for sale.
FSBO = For Sale By Owner.
Pending = An offer has been accepted, a contract has been executed and the contingencies have been met.
Under Contract = A seller has accepted the buyer’s offer, but any contingencies have yet to be met.
Contingency = A condition that must be met before a sale can close.
Earnest Money = Also called a “good faith” deposit, these are funds held by a neutral party to demonstrate the buyer has serious interest in purchasing a property.
Sold As Is = when a home is marketed as is what the seller means is they will not make any repairs or concessions for a buyer.
ZLL = Zero-Lot-Line. A zero-lot-line house is a piece of residential real estate which the structure comes up to or very near to, the edge of the property line. Row houses, garden homes, patio homes and townhouses are all types of properties that may
be zero-lot-line homes.