Decoding Real Estate Lingo

    When you’re involved in a real estate transaction, whether buying or selling, you may encounter lingo you’re not familiar with. Not being familiar with this lingo may cause for some confusion when reading property descriptions. Your agent is a great resource to help you better understand details on properties and the transaction, but this quick list will cover the basics.

    BR: Abbreviation for “bedroom/s”. Example: 3 BR home.

    BA: Abbreviation for “bathroom/s”. Example: 2 BA on main level.

    BSMT: Abbreviation for “basement”. Example: Features a full, walk-out BSMT.

    CCRs: Short for “covenants, conditions & restrictions”.  These are governing rules of the subdivision about minimum square footage of the home, fences  or sheds allowed, parking of commercial vehicles on the property, for example.

    CMA: Stands for “Comparative Market Analysis”. When you are ready to sell your property, an agent will do a comparative market analysis (CMA) to give you the best idea of what homes similar to yours are selling for. This will help determine the most competitive range for the list price of your property.

    DR: Abbreviation for “dining room”. Example: The DR is located just off the kitchen.

    EMD: Abbreviation for “earnest money deposit”. This is a partial payment or deposit to show sellers your commitment when making a purchase offer on a property. This deposit amount will go towards the purchase price at closing.

    HOA: Short for “homeowners association”.  When looking for homes you will find some subdivisions may have a homeowners association, which consists of neighbors concerned with managing and maintenance of common areas of the subdivision or complex. The HOA fees that property owners are responsible for paying can vary and usually covers outside maintenance, parking area/road upkeep/repair, and other repairs/maintenance needed to common areas (ex. pools, gardens, etc.).

    HW: Abbreviation for “hardwood” when referring to flooring type. Example: Gleaming HW floors throughout the home.

    FP: Abbreviation for “fireplace”. Example: The stone FP is the focal point of the living room.

    IDX: Abbreviation for “Internet Data Exchange”. This allows brokers to advertise listings from other agents/brokerages that are posted in the MLS. This is what allows you the ability to search all homes for sale in Southwest VA and Northeast TN conveniently on our website, even if the home is for sale with another firm.

    LR: Abbreviation for “living room”. Example: Large LR is made for entertaining.

    MLS: Short for “Multiple Listing Service”.  This is the service that agents use to access properties for sale by other brokerages, who are also members of the association. In the Southwest Virginia and Northeast Tennessee market, there are 2 MLS systems. This is why you may see the same property twice when searching in the local region.

    NAR: Abbreviation for the NATIONAL ASSOCIATION OF REALTORS®. This is a nationally recognized association for real estate agents.

    SS: Abbreviation for “stainless steel”. Example: Kitchen is complete with SS appliances.

     

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