Real estate acronyms or abbreviations can be confusing. They are used to save time and money in advertising ads. Without abbreviations, real estate ads would be costly and lengthy.
Most real estate agents use this lingo, so once you get the hang of them, you will be able to read and understand real estate listings!
4B/2B: Four bedrooms and two bathrooms. A "full bathroom" is a room with a toilet, a sink and a bathtub. A "three-quarter bathroom" has a toilet, a sink and a shower. A "half bathroom" or powder room has only a toilet and a sink.
CMA:Comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period.
Closing costs: All the miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney's settlement charges, transfer taxes, recording fees and title insurance. Closing costs are generally paid through escrow.
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 contractual right to obtain a professional home inspection before purchasing the home.
Fixture: Anything of value that is permanently attached to or a part of real property. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. Fixtures are a frequent subject of buyer and seller disputes.
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 agent.
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 brokers. Membership isn't open to the general public, although selected MLS data may be sold to real estate listings web sites. MLSs are local or regional. There is no MLS covering the whole country.
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.