Title Deeds & Title Packs Provide Full Legal Proof Of Ownership. Get detailed reports explaining boundary responsibility, rights of ways & joint ownership.
Search results
Jun 15, 2021 · The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
Common Official (and Unofficial) Real Estate Abbreviations There are many abbreviations used in real estate, but the following list includes the more common ones you’ve probably heard before.
- Advance – another term used to describe your mortgage loan.
- APR (annual percentage rate) – the total cost of your mortgage loan, including all costs, arrangement fees and interest charges, which is then shown as a percentage rate so you can compare this like for like with other rates.
- Auction – If you’re looking for a speedy sale and certainty that a buyer won’t pull out of the purchase, then property auctions are a good way to go. Once the hammer falls, the buyer has to put down a 10% deposit, then they have a month to give you the remaining 90%.
- Balance outstanding – the total amount of the loan outstanding after a certain period of time.
A helpful list of the most commonly used real estate and property abbreviations used in all real estate related industries.
A “major capital improvement” (MCI) usually means your rent is going up at your rent-stabilized or rent-controlled New York City apartment. But thanks to changes in the law, the increase is now capped at just a couple of percentage points.
Mar 20, 2023 · Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Unlike private mortgage insurance (PMI), MIP is managed internally by the government and lasts for the life of the loan — meaning it won’t roll off when you reach a certain LTV ratio like it does when you have PMI. Read more about mortgage insurance. 52.
Jan 3, 2023 · Here’s the ultimate glossary of real estate terms and abbreviations updated in 2023 from the Real Estate Institute of Australia (REIA), Property Council of Australia, Australian Property Institute, realestate.com.au and more.
