Sellers want fewer DOM, buyers want to see a CMA before they take possession–and you probably want to know what all of that jargon means. With all of the real estate terms and industry slang out there, buying and selling can get confusing. Wouldn’t it be great if you had your own personal translators to make sense of it all?
Enter: us. We’re here to help you sharpen up on all of those real estate terms and definitions to make your real estate experience even easier. Here are some common real estate terms that you’ll hear from us, and what we’re actually saying:
DOM
DOM
Days on Market. When this number is high there is a greater likelihood that the price can be negotiated aggressively.
Possession
Possession
Move in date. Anywhere from 30 to 90 days is standard.
LOT
LOT
Dimensions of the land. If you see a depth of 50 feet you probably aren’t getting a backyard.
Drive
Drive
Driveway. A mutual drive is shared between two properties and can only be used for parking if the owners mutually consent.
Kitchens
Kitchens
Number of kitchens in the property. One kitchen is self-explanatory, but when you see two or 1+1, the property is multi-unit and provides rental income.
Taxes
Taxes
Annual property taxes with the year of calculation noted to the right.
A/C
A/C
Air conditioning – if you see N here, brace yourself for a long summer.
Bldg Amen
Bldg Amen
Building Amenities. If you want that building with the Olympic size pool, basketball court, and arcade, here is where you need to look.
FSBO
FSBO
The property is for sale by owner.
MAINT
MAINT
Monthly Maintenance Fees. What you pay to cover the condoʼs expenditures and reserve fund.
Amortization
Amortization
In real estate, this is the process of paying off your mortgage via monthly payments.
CMA
CMA
Comparative Market Analysis–a comparison of properties that are similar to the one being sold or purchased to help determine the best selling or purchase price.