Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. CHMS Certified Home Marketing Specialist If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. This is important, as identifying a property's class can predict how the asset might perform. RELATED: How to Stream U.S. Sports for Free Online. HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. Baseboard Heat + 2. Business, Property, Real Estate Advertising. HDWD Hardwood The "P" represents percent. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Learn more about down payments here. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. It should return to active soon enough, so its certainly worth piping up if youre smitten. TXS Taxes Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. CRE Commercial Real Estate MK Modern kitchen SMART Typically computer-controlled heating and cooling, alarms, lights etc. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. I/O Interest Only (loan) Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. FCRA Fair Credit Reporting Act Care starts with culture. A half bathroom or powder room has only a toilet and a sink. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. UTRM Utility Room LRG Large SCRND PORCH Screened Porch 7 meanings of BB abbreviation related to Real Estate: Real Estate. CLTV Combined Loan To Value 67.211.219.14 New real estate investors may wonder what the terms Class A, B, C, and D property mean. If you wish to report an issue or seek an accommodation, please let us know. During this time, the home is inspected and appraised, and the title searched for liens, etc. The "P" represents percent. Real property is immovable property - its land and anything attached to the land. This browser is no longer supported. Investment advisory and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. The number of days a property listing is considered active. PUD Planned Unit Development Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. A combination of loans bundled to avoid private mortgage insurance. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. G-RNG Gas Range Refinancing is generally done to secure better loan terms, such as a lower interest rate. TEN Tennis Court BBbb. SHOP Workshop Related:18 Big Storage Ideas to Steal from Tiny Homes. DWF, DWAC Deep Water/Access Cbl,Cblh Cable/Hookup A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. All of these abbreviations are commonly used to describe the features of a house or commercial property. JTUB Jetted Tub Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Lenders reward lower LTV ratios. FAG Forced air gas HOA Homeowners association SPC Drive parking spaces RELO Relocation office The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. A percentage of the homes value owned by the homeowner. ATT Attached Garage Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. GARB Garbage Suggest. Clap Clapboard Siding LA Living area SWR Sewer Powered by webmasterWP.com. ALM Aluminum Siding CMA Comparative Market Analysis Related:12 Ideas to Steal from Vintage Kitchens. These abbreviations are typically written in all capital letters. Read more about back-end ratio here. W/W CRPT Wall To Wall Carpet CPT Carpet or Carport IGSP In-Ground Sprinkler An encumbrance can create a cloud on the title of a real property. If not, it could end up back on the market, so go ahead and inquire if youre interested. MWV Microwave Oven Have questions about buying, selling or renting during COVID-19? You can use BB to mean basketball, especially in internet communities dedicated to the sport. HTUB Hot Tub Affordability. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). REO Real Estate Owned GMT Kitchen Gourmet kitchen FDIC Federal Deposit Insurance Corporation Not all real estate agents are REALTORS. WINDT Window Treatment 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Cnl Canal 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. PL/A Above Ground Pool Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. How have you been?. CAP Capitalization If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. 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. Closing costs are generally paid through escrow. FHA Federal Housing Administration REI Real Estate Investing When used in a real estate listing, the words cozy or charming aren't describing the ambiance of the space so much as the size. 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. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. Repairs. Have questions about your home financingpaperwork? All rights reserved. OBO Or Best Offer FFE furniture, fixture, and equipment MEIK Modern eat-in kitchen The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Resources By submitting your email, you agree to the Terms of Use and Privacy Policy. LTV loan to value "Bedroom" usually means a sleeping area with a window and a closetin some areas, laws define what a room needs to be called a bedroombut the . MTG Mortgage Read, A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. SLT Slate A state in which an escrow agent is responsible for closing. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Cer Ceramic Tile Paying points, which are tax deductible, will lower the monthly mortgage payment. The four items include, repairs, vacancy loss, property management, and miscellaneous. MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. SPKLR Sprinkler UTLVL Utility Room Level Deco Decorative Fence These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. The governing body of a housing development, condo or townhome complex that sets rules and regulations. DBA Doing Business As TOWN Town House NBHD Neighborhood So if you adore what you see in thelisting, it certainly canthurt to inquire. Principal, interest, property taxes and homeowners insurance (PITI), A fee charged to borrowers who make a down payment that is less than 20% of the homes value. But if not, you'll want to factor in the cost ofrenovationsbefore deciding if this home is both in your budget and worth a visit. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. 2. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. 1C, 2C 1 or 2 car Garage This is the escrow period, when both buyer and seller are workingtoward a closing. Anne Miller lives in New York and writes real estate news and advice stories. You are not obligated to accept the loan just because you received a loan estimate. Usually, the realtor's website will give a good description without the real estate abbreviations. NOI Net Operating Income FIN LL Finished lower level After all, you wouldn't want to get stuck with a money pit. CRE Creative Real Estate On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Real estate terms to know when you've started house hunting. FM RM Family Room HW Hot Water But if thats not what youre looking for, keep shopping. W/D HKUP Washer/Dryer hookup HUD Housing and Urban Development Call it what you willjargon, shorthand, lingobut every industry, including the real estate world, has its own language, a collection of terms that are essential to understand if you hope to play ball. Clbhs Clubhouse For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. PAR Partially Fenced GLF Golf Course When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. AC Acre A loan estimate can help borrowers shop and compare costs of loans with lenders. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. OFF Off Street Parking 2023 LoveToKnow Media. Bb. Get the top BB abbreviation related to Real Estate. APT Apartment Fees imposed by the state, county or municipality on transfer of title. Sub2 Subject to existing financing The action you just performed triggered the security solution. CDS Cul de sac A fee charged to borrowers who make a down payment that is less than 20% of the homes value. In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. Allow us to clear things up, by explaining what these things really mean in plain old English. The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. Cloudflare Ray ID: 7a2835264c3fdd54 Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. It's anything that can be subject to ownership, except land. OWN Owner Financing UPF, UPR Upper floor 3/4 Bath toilet + sink + shower or tub 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 BB. EA exclusive agency Fixtures are a frequent subject of buyer and seller disputes. MAR Marble There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. WIC Walk-in closet, ARV After-Repaired Value How to use real estate in a sentence. MLSs are local or regional. CAC Central air conditioning SUN Sun Room Each lending institution sets its own prime rate. CBR Certified Buyer Representative PERM Perm Attic Stairs Since we launched in 2006, our articles have been read billions of times. Read more about pre-qualification here. RTO Rent to Own Related:The Best 10 Plants to Grow for Backyard Privacy. Agents use this status to indicate that the seller is open toreceivingbackup offersbecause the sale may not go through., Back onthemarket (BOM):The propertyhas becomeactive again,afterrecentlybeingtaken offthemarket., Closed (CL):The property has been sold and is no longer available., Expired:The property is no longer available for saletypically because the seller could not find a buyer., Pending:Thepropertyis under contract and all contingencies have beenfulfilled, but the settlement still needs to take place., Temporarily off market (TOM):The home is not currently available for saleandshowings arenotallowed,butitwillsoon beback on the market. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. P&S Purchase and Sale CAC Central Air Conditioning MLS:Multiple Listing Service. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. AJ Affidavit of Joint Tenant Deed. SEC SYS Security System ARM Adjustable Rate Mortgage OSP Off-street parking is available Organizations can include local governments, utility companies, and homeowners associations. YD Yard One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. POF Proof of Funds Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. SRO Single Room Occupancy Back Bay + 1 1. There are also a few other cultural definitions for BB. How-To Geek is where you turn when you want experts to explain technology. TRSH Trash Pickup If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. PAT Patio After the set time period your interest rate will change and so will your monthly payment. A property repossessed by a bank when the owner fails to make mortgage payments. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Buying a Flipped House: Is It Right for You? GRI Graduate Realtor Institute Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. APPLS Appliances Often, the listing will indicate which rooms have hardwood flooring. VYL Vinyl Learn more about homeowners insurance here. AG Agreement Agreement Comm. Real estate abbreviations are important to save time and money. FDR Formal dining room In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. All Rights Reserved, Hey bb! WHKP Washer Hookup Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. I want to receive exclusive email updates from YourDictionary. ERS exclusive right to sell Home affordability takes into account your income, down payment, and monthly debts. Home affordability takes into account your income, down payment, and monthly debts. If they were not used, the ads for a home could get quite lengthy. Cap rates can provide valuable insight into a property. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. The fascinating story behind . Read our stress-free guide to getting a mortgage. 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. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. Cvga Converted Garage UTCL Utility Closet LR Living room This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. Banks, savings and loans, and credit unions. WD PNL Wood paneling Read more about closing costs here. AMO Accredited Management Organization Try our amortization calculator to learn more. PILE Pilings Market conditions that exist when homes for sale outnumber buyers. Brokerage. NGS Natural Gas WLKIN Walk-in Closet But unlike an AWC, the property is no longer available forshowings., Whileabbreviations and acronymsfor property descriptionsvary by listingand source,thetermsbelow canbe used as a general guide to help you translateanything unfamiliar.If youre still unclear whata shorthand is referring to,reach out to the listing agent., As-is:Theowner is selling the home in its current condition and willnot makeanyrepairs orcorrect any flaws with the property., OLREA:Owner is a licensed real estate agent. CCR Conditions, Covenants, and Restrictions Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Read more about PMI here. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. These institutions underwrite as well as set home loan pricing in-house. Usually . Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. NAT GS HT Natural gas heat Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. APR Annual Percentage Rate WTR PD Water paid PGS Propane The sale of a home by an owner who owes more on the home than its worth. The difference between the two is usually fairly . RDR Radiator Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. PITI Principal, Interest, Taxes and Insurance The status will show as pending until the closing. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. EMC Earnest money contract PWDR RM Powder room or half bath A not-for-profit professional association that sets and promotes standards for property inspections. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. A contingent statusmeans that the seller has accepted an offer and the home is under contract. DEDRS Deed Restrictions A portion of your monthly payment goes into the. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. BLDRS REDO Builders Renovation REALTOR Member of the National Association of Realtors REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. JV Joint Venture Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. SAT Satellite Dish HPWA Water/Air Ht Pump It is for information purposes only, and any links provided are for the users convenience. BD Bedroom HD, HDFL Hardwood floors P&S Purchase and sale FSBO For Sale by Owner CP Carport Zillow, Inc. holds real estate brokerage licenses in multiple states. Home affordability takes into account your income, down payment, and monthly debts. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. 1C : One-car garage. The owners bank must approve a lower listing price before the home can be sold. All Rights Reserved. PVT Private In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. This is the most popular NAR official designation and is relatively easy to get and maintain. Not all mortgages. HRS Horses Allowed REC Recreation Room Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. HI CEIL(S) High ceilings HWH Hot water heater One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. FSBO For Sale By Owner Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Farm Farmhouse The reason for a botched sale could lie with the previous buyer, but you'll want to do your homework before you give the seller the benefit of the doubt. Learn more about adjustable-rate mortgages here. VWS, VW, VU View or views When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. Be sure to read the fine print carefully. Read more about origination fees here. BRRRR refinance example. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. Cloudflare Ray ID: 7a28359a3f44c34a FDR/DR Dining room or a formal dining room STA State WSH Washer Read more about escalation clauses and making an offer on a home. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. BA Bathroom Best for: Buyer's agents looking to separate themselves from the rest of the field. NYSAR New York State Association of Realtors Questions And Answers Related:7 Features That Define the New American Home. When you boil it down to the basics, real estate has a simple meaning. 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. BALC Balcony SD Security Deposit SFR Single Family Residence What Is a Short Sale? COO or C of O Certificate of Occupancy This means that aproperty is currently on the market and available for sale. Fpgas Gas Fireplace PAN Pantry FMV Fair Market Value 2-LV : Two living levels. Please switch to a supported browser or download one of our Mobile Apps. An origination fee is not a single fee. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. BOT Boat Slip Example: P30 (3% offered) DTI Debt to Income Ratio Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. FPLC, FP, FRPLC Fireplace No purchase is necessary to view U.S. Read more about mortgage insurance. CPM Certified Property Manager HB Half Bath (toilet + sink) D/W Dishwasher Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. CH Central heat One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac.