01 May Sheryl’s Realtor Term Glossary
Realtor Terms Glossary
In Real Estate we use many acronyms and terms that leave clients baffled. I’ve compiled a list of terms Realtors use often.
Home Sale terms
EM- Earnest Money
Earnest Money is a check that gets cashed immediately. The money goes directly to your down payment. If you cancel the offer with in the terms of the contract you can get the earnest money back.
SSI- Sold Subject to inspection
This means an offer has been accepted and signed. Other buyers aren’t able to put in offers. If no signatures have been received the house is still active and can get other offers.
Third Party/short sale- Sold subject to third party
This is when both the seller and another party has to approve an offer. Commonly the third party is a bank. Short sales are deceptive because they are not “short” and require a lot of waiting, any where from 2-6 months!
Pending- The house is sold!
All inspections are complete and the house is waiting to close. Other buyers can’t make offers.
Close- The house is transferred from one person to another. In the state of Minnesota this is done at a Tittle Company and the closer is the notary public. Closing requires closing paper work, signatures, and transfer of keys.
Foreclosure-
This is when a home is repossessed and sold by the lender due to owners failure to keep up mortgage payments.
Notary Public-
Is a person that is officially allowed to authorize the transaction. Basically they are an official witness to the closing.
Miscellaneous Terms
MLS- Multiple Listing Service
The MLS is the data base of homes for sale that is only available to Licensed Realtors. This data is the most reliable and shows past sales of the home.
Check out our post, “How Accurate is a Zestimate” to see why the MLS gives realtors a leg up in the market!
FSF- Finished Square Feet
Unfortunately there isn’t a set standard for how to measure this. The MLS includes Finished Square feet above and below ground while other places only count above ground SqFt. Attics and decks don’t count towards this number.
FSZ- Foundation Size
FSZ refers to the total first floor Square Footage not including porches or garages.
HOA- Homeowners Association
These Associations are in planned communities and condominiums and they enforce specific rules for the community the house is in. Some HOA’s are picky and limit the type of decorating done to the outside of your home while others just want proper lawn maintenance and for you to not paint your house lime green! HOA’s also require fees to upkeep parks, pools, tennis courts, and other common areas.
Relow- Relocation
These are buyers or sellers who are relocating with their job.
HUD- Settlement Statement
The HUD is a form that shows what your settlement costs will be. Settlement cost includes many things like closing costs, Tittle charges, and Government charges.
Please let me know if there are any other realtor terms or phrases you have questions about. I’m happy to help with any questions, please call me at 612-889-6496 or email at [email protected]
Learn tips to Declutter your home for resale with, “What to Ask Yourself When Decluttering”
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