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Have you ever felt like you need a real estate dictionary just to make sense of some of the terms out there? Do the real estate ads in the Sunday paper confuse you more than inform you?—"3-BR/1-BA, w/d, new a/c and fang, 5 acres, owner-financing, and clear title." Is that not much more than gibberish to you? If so, you do not really need a real estate dictionary. You just need to familiarize yourself with several of the most common real estate terms and abbreviations. Below is a quick list to help you avoid needing a special dictionary for real estate terms, just to understand an ad!
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AC — Acres; occasionally misused in place of a/c
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Appraisal — A written justification of the price of a property
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A/C — Air conditioning
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Assumable mortgage — A mortgage on a piece of property that can be taken over by the new purchaser of the property
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BA — Bathroom
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BR — Bedroom; this can also be abbreviated as bd
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Clear title — A title that is free from liens or other encumbrances
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Closing costs -- Amount paid when purchasing a property, other than for purchase of the property itself, including prepaid taxes and fees for the title search
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CVAC — Central vacuum system
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Deed — Legal document that conveys ownership of a piece of property
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D/W — Dishwasher
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DR — Dining room
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FANG — Forced air natural gas heating system
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FP — Fireplace
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FSBO — For-sale-by-owner
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FXR — Fixer-upper
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HVAC — Heating, ventilation, and air conditioning system
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MSTR — Master bedroom or master suite
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Note — A legal document that requires a buyer to repay a mortgage loan according to agreed-upon terms
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Owner-financing — A property sale in which the seller of the property provides all or part of the financing
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Survey — A map that shows the legal boundaries and physical features of a piece of property
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WLKIN — Walk-in closet
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W/D — Washing machine and dryer
Many of the terms listed above are pretty basic once you know what they mean. Real estate terms and abbreviations do not have to be complicated and confusing. Armed with these definitions, you should be able to find what you're looking for!
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