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Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
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Property Transfer Tax (PTT) A provincial tax applied to property transactions in certain regions, including British Columbia. BC PTT is 1% on the first $200,000, 2% between $200,000 and $2,000,000, 3% on the amount of the fair market value above $2,000,000, and 5% on the fair market value above $3,000,000.
The following is a list of abbreviations frequently used in the real estate business. This may help you to better understand the descriptions of properties in real estate advertising. As with any organization, the real estate industry often relies on abbreviations and acronyms to describe a service, association or designation.
SFH. Undoubtedly one of the most ubiquitous real estate abbreviations in home listings, "SFH" means single-family home. Distinct from a townhome, condominium or apartment, an SFH is a standalone home that doesn't share walls or utilities with another property. Plus, it is located on its own parcel of land. The occupants of an SFH could be a ...
Jul 6, 2024 · Decoding Key Real Estate Acronyms. Navigating the real estate industry is no small feat. It's a world filled with abbreviations and acronyms that could leave the uninitiated feeling a bit lost. But here's the thing: understanding these real estate abbreviations is crucial for anyone looking to make headway in this industry.
Now that we’ve gotten a lot of big words out of the way, here are some easier abbreviations to remember when you buy your first house: 1C/2C - 1-car or 2-car garage. 2/1 - 2 bedrooms, one bathroom. 4/3 - 4 bedrooms, three bathrooms. A/C - Airconditioning. ARV - After-Repair value. BA - Bath.
May 19, 2020 · Real estate abbreviations are important whether you are buying or selling. Learn the most common real estate abbreviations from listings to investing.
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