Understanding Real Estate Terminology and Abbreviations, Part 2
The real estate terminology and abbreviations used by agents and in local listings can be hard to understand—especially when you’re busy searching for the perfect new home! Find out what all those terms and abbreviations mean so you can stop wondering why they’re talking about Major League Soccer when they say “MLS.”
If you missed part 1 of our real estate terminology and abbreviations, check it out now!
In-law potential – When a home has in-law potential, it means there is the possibility of creating or adding a separate apartment in the house. This is always subject to local zoning restrictions and regulations.
Listing – When it comes to real estate terminology, this is one of those terms that is a little more complex than it seems. A listing doesn’t merely refer to a home for sale—it’s an agreement between a real estate broker and a homeowner that allows the broker to market and arrange for the sale of the home. This means a home being sold by an owner without a real estate agent isn’t technically a listing.
Lo dues – This means there are low homeowner association (HOA) dues for that particular neighborhood or community. However, you should always find out exactly how low they are compared to other dues in the surrounding areas.
Lock box – A lock box is a secure device attached to a for-sale home that can safely store keys, allowing a real estate agent to get into the house easily. (This is only done after approval by the homeowner.)
Lsd pkg. – This real estate abbreviation means “leased parking area.” Sometimes, this comes with an additional cost.
MLS – This is a real estate abbreviation that means Multiple Listing Service. An MLS is a local or regional organization that collects, compiles and distributes home listing information to its members. MLS membership isn’t open to the general public and is limited to real estate brokers; however, this information can be sold to real estate listings websites.
Nr bst schls – When you see this abbreviation in a listing, it means the home is near the best schools in the county. This can be a significant benefit of buying a home in the area for families with young children.
Pot’l – This real estate abbreviation means “potential.” It can be affixed to other terms, such as the previously mentioned “in-law pot’l,” or it can simply mean the house itself has potential as a fixer-upper.
Pvt – This means “private,” and much like “pot’l,” it can be added to other real estate terminology, such as pvt driveway, or pvt backyard. Additionally, it can mean the home is in a private or secluded area.
Pwdr rm – This refers to a half bath or powder room, which is defined as a bathroom that has a toilet, sink and mirror, but no tub or shower.
Title insurance – When it comes to real estate terminology, this one is important! Title insurance is an insurance policy that protects a lender or owner’s interest in real property from various types of unexpected or fraudulent claims of ownership, and it’s common for the buyer to pay for the lender’s title insurance policy.
Upr – This means “upper floor.” It can either refer to a home that is on an upper floor, such as an apartment or a condo or the upper floor of a single family home.
Vw, vu, vws, vus – These real estate abbreviations are all variations of the word “view” or “views.” Generally, they will describe the type of view available for that listing.
This real estate terminology should help you better understand not only your agent, but the many listings you’ll see as well. If you have any questions about terminology or abbreviations, or if you need a real estate agent in Rockville or the surrounding areas, contact Coakley Realty today!
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