They charge dues used to maintain common areas. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. A three-quarter bathroom has a toilet, a sink and a shower. Your IP: All abbreviations on this list are typically written in all capital letters. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. FIN LL Finished lower level You can email the site owner to let them know you were blocked. A database where real estate agents list properties for sale. CRS Certified Residential Specialist The difference between the two is usually fairly . PULL Pull-Down Attic Stair Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. We select and review products independently. FPLC, FP, FRPLC Fireplace If you're still unclear what a shorthand is referring to, reach out to the listing agent. Real estate terms to know when you've started house hunting. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. What is BB meaning in Real Estate? When you boil it down to the basics, real estate has a simple meaning. OVER Oversized Garage Since many phrases can be shortened to BB, this acronym might refer to other things online. to cover taxes and insurance. EMC Earnest money contract BR Bedroom The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Performance & security by Cloudflare. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Translation: This home is small. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Click to reveal WLKIN Walk-in Closet All Rights Reserved, Hey bb! DET Detached garage 18 Big Storage Ideas to Steal from Tiny Homes, The 12 Fall Home Maintenance Tasks You Can't Ignore, 7 Features That Define the New American Home, 9 Ways Your Neighbors Can Screw Up Your Home Sale, 10 Signs That Fixer-Upper Might Be a Money Pit, 12 Things Realtors Look For in Homes of Their Own, The Best 10 Plants to Grow for Backyard Privacy, 15 Warning Signs to Look for Before Making an Offer on a Property, Data Shows This Listing Trick Sells Homes for More Money, As-Is Real Estate: What Buyers and Sellers Need to Know, 15 Things Not to Say in Your Real Estate Listing, Watch Out for 12 Real Estate Tactics Designed to Make You Spend More, 11 Awful Real Estate PhotosAnd How to Make Yours Great, 12 Things You Don't Realize Are Annoying Your Neighbors. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Anne Miller lives in New York and writes real estate news and advice stories. Learn more about pre-approval here. Look for this accreditation or something similar when shopping for a home inspector. I want to receive exclusive email updates from YourDictionary. NYSAR New York State Association of Realtors Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. PCF Price to Cash Flow (ratio) Copyright 2023 Acton Media Inc. All rights reserved. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. C/VAC Central vacuum Usually . PRV, PVCY FENCE Privacy Fence HUD Housing and Urban Development A fee, charged by a broker or lender, to underwrite and process a home loan application. Learn more about HOAs here. 4 Misconceptions Buyers and Sellers Have About the Housing Market, 10 Hottest Housing Markets of 2023, and What to Know if Youre Shopping in One, 13 Home-Buying Myths to Unlearn Right Now, 10 Hottest Housing Markets of 2023, and What to Know if You're Shopping in One, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. Hi ceils - This is an abbreviation for "high ceilings.". ASG Assessment Assessment. PUD Planned Unit Development Refund Policy, U.S. Learn more here. GRI Graduate Realtor Institute One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. Affordability. BB is most commonly used on the internet (and in text messages) as an abbreviated form of baby. However, baby in this context is used as a pet name or term of endearment for your romantic partner and not an infant child. Be sure to read the fine print carefully. GLF Golf Course Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. CBR Certified Buyer Representative If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. I/O Interest Only (loan) OBO Or Best Offer If not, it could end up back on the market, so go ahead and inquire if youre interested. Essentially, "turnkey" means that . Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. BD Bedroom Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Dry Clothes Dryer Miscellaneous. 2023 All Rights Reserved. The owners bank must approve a lower listing price before the home can be sold. PITI Principal, Interest, Taxes, and Insurance RAD Radiant Heat This means that the home fell out of escrow,perhaps due to contract issues, says Tania Matthews, an agent with Keller Williams Classic III Realtyin Central Florida. FHA Federal Housing Administration Related:7 Features That Define the New American Home. PMI Private mortgage insurance CCIM Certified Commercial Investment Member Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Try our amortization calculator to learn more. Related:12 Things Realtors Look For in Homes of Their Own. GARB Garbage Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. MOPOA Monthly POA Fee Home Related:The Best 10 Plants to Grow for Backyard Privacy. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Col Colonial 27. Paying points, which are tax deductible, will lower the monthly mortgage payment. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. 4B/2B:Four bedrooms and two bathrooms. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. NOI Net Operating Income REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. 7 meanings of BB abbreviation related to Real Estate: Real Estate. A percentage of the homes value owned by the homeowner. Active This means that a property is currently on the market and available for sale. We Let ChatGPT Create AI Art, Heres What It Made, The New Outlook for Windows Is Opening Up to More People, How to Optimize Your Steam Deck for a Longer Lasting Battery, 2023 LifeSavvy Media. An encumbrance is a limit on how an owner can use real estate. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. SPLT Split-Level If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. CH Central heat L/O Lease Option LA Living area The amount of the loan divided by the price of the house. VYL Vinyl LRG Large 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. Title insurance:An insurance policy that protects a lenders or owners interest in real property from assorted types of unexpected or fraudulent claims of ownership. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. MWV Microwave Oven CATH Cathedral ceilings MCOA Min $ on Assumption Lenders reward lower LTV ratios. P&S Purchase and Sale CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. HDW, HWF, hdwd - This means there is hardwood flooring in the home. SEC Security System OO Owner Occupied The sale of a home by an owner who owes more on the home than its worth. Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. But the cap rate is not the only metric used to evaluate a real estate investment. Contingent vs. under contract? Related:10 Signs That Fixer-Upper Might Be a Money Pit. The action you just performed triggered the security solution. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. TRSH Trash Pickup After the set time period your interest rate will change and so will your monthly payment. ARM Adjustable Rate Mortgage It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. F-bmt Finished Basement HSF Heated square feet Lo dues:Low homeowners association dues. Not all mortgages. BB Real Estate Abbreviation. DLM Seller Disclaimer If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. GRT RM Great room The action you just performed triggered the security solution. CHMS Certified Home Marketing Specialist 67.211.219.14 A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. A not-for-profit professional association that sets and promotes standards for property inspections. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage. Learn more about down payments here. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Read more about origination fees here. Title Records posts and articles. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. BCH Beach Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. CRE Commercial Real Estate PITI Principal, Interest, Taxes and Insurance Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). U/G SPRK Underground Sprinkler This is a statement a borrower will receive from their lender at least three days before closing on a home. INGRD PL pool in ground pool NGS Natural Gas ASB Asbestos Siding Read more about closing costs here. 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. This means that aproperty is currently on the market and available for sale. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions MO Month The base rate is set by the Federal Reserve and then customized per borrower, based on credit score, down payment, property type and points the buyer pays to lower the rate. HP Heat Pump Maximum loan amounts can vary by county. Refinancing is generally done to secure better loan terms, such as a lower interest rate.
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