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Mar 20, 2023 · 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. Keep this guide handy — you'll be fluent in the language of home buying before you know it.
Nov 13, 2023 · Whether you're a veteran agent or total rookie, you need to be able to explain these real estate terms and definitions to clients.
Jun 15, 2021 · The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
Vendor bids, caveats, LVI and LMI got you confused? From appraisal to unconditional, here’s your complete guide to real estate terms explained.
- Christina Karras
- Adjustable-rate mortgage (ARM) With ARM loans, interest rates can change after an initial fixed rate period as they adjust based on the interest rate index the ARM is tied to (e.g., LIBOR, COFI, etc.).
- Appraisal. An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property.
- Appraisal contingency. An appraisal contingency is a clause that allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price.
- As-is. A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.
If someone, for example a sick child, is described as plucky, it means that although they are weak, they face their difficulties with courage.
informal uk / ˈplʌk.i / us / ˈplʌk.i / Add to word list. brave: It was plucky of you to chase after the burglar. Synonyms. brave. gutsy informal. Thesaurus: synonyms, antonyms, and examples. brave The King was a brave warrior. courageous She was a courageous woman who never complained about her illness.
