May 21, 2014
It’s a rude awakening that most first time home buyers encounter when they first enter the market: The real estate market has a lot of confusing terminology and it can often made the home buying experience even more stressful.
That’s why today, I thought I would dedicate a whole blog to the lingo you’re most likely to encounter when navigating the market in Wake County. Because let’s face it, unless you’re a real estate professional, it’s unlikely you use these terms in your everyday life.
The Most Common Real Estate Terms You’ll Hear in Wake County
3B/2B: When you see a fraction like this, know that it is talking about bedrooms and bathrooms. The first B is for Bedrooms while the second B is for Full bathroom. A full bathroom is usually one with a toilet, sink and a bathtub. A half bathroom would be one with a toilet and a sink.
Closing costs: These are all the costs associated with closing on a home. This usually includes the brokerage commission, mortgage-related charges, attorney’s fees and escrow. Also, recording fees and transfer taxes are also usually included in this mix.
CMA: This is an acronym for comparative market analysis. This report shows buyers the prices of comparable homes in the area and is usually used as a way to determine whether a home is reasonably priced or not.
FDR: This is not the president. It stands for formal dining room.
HDW or Hdwd: Hardwood floors
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.
Gar vs. Gard: The first is a shortened version of garage while the second one is for garden.
MLS: This stands for Multiple Listing Service. This organization collects and distributes information about homes listed for sale by its members (which would be real estate brokers).
REALTOR®: This is not the same as a real estate agent. A REALTOR® is another tier of professionalism. To have this designation you must be a real estate broker or sales associate who is a member of the National Association of REALTORS®.
Title Insurance: This insurance policy protects a lender’s or owner’s interest in real property from threats like fraudulent claims of ownership. Usually the buyer pays for the lender’s title insurance policy.
How Can We Help You With Your Wake Count Home Buying?
I hope you found this information enlightening as a potential home buyer. We understand how confusing some of these terms can be sometimes so we hope it was helpful.
If you’re interested in further home buying assistance, please make sure to contact me, Rachel Kendall, and my team of Wake County REALTORS®. We would love to help you by offering valuable advice as well useful resources.
Until next time,
Rachel