What does status U mean in real estate?
ACTIVE UNDER CONTRACT (U) Offer accepted and either: 1) seller requests that property remain in an On-Market status and is looking for back-up offers, or; 2) the sale is subject to court or other third -party approval. Marketing and Advertising as defined in Rule 7.9 is permitted.
What does u mean on the MLS?
Properties that read UAG are under sales agreement and not actively being marketed. In most interfaces, they disappear from view. Properties that have the designation CAN have a cancelled contract between the agent and the owner before the contract period ended.
What does u/c contingency mean?
Under contract (UC)
Listings that are under contract have an agreed-upon contract with a potential buyer, but the transaction has not been finalized (closed).
What are the 3 types of property?
In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).
What’s the difference between pending and contingent?
A property listed as contingent means the seller has accepted an offer, but they’ve chosen to keep the listing active in case certain contingencies aren’t met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
Can you make an offer on a contingent House?
In most cases, putting an offer in on a contingent home is an option to consider. Although it doesn’t guarantee you’ll close on the home, it does mean you could be first in line should the current contract fall through. Putting an offer in on a contingent home is similar to the homebuying process of any active listing.
What does YN mean in real estate?
Deed Restriction/Covenants YN. Default – Failure to make payments when due which can result in foreclosure of the mortgaged property. This includes not only monthly mortgage payments but also taxes or any other promise in the original deed.
What is ao in real estate?
But in RE (real estate), the world of abbreviations and acronyms frequently draws questions about meanings among realtors and blank looks from buyers and sellers as we start to automatically reference letters from the alphabet, from AO (acceptable offer) to ZB (zoning board), CMA (comparative market analysis) and CO ( …
What does PC mean in real estate?
Real Estate Acronyms – Alphabet Soup
|ABR||Accredited Buyer Representative, a certification of NAR for buyer representation|
|PC||President’s Circle – A RPAC Major Investor who invests an additional $2,000 directly to REALTOR® Champions from a pre-approved list by the national RPAC Disbursement Trustees.|
Do pending offers fall through?
A sale that is “under contract” means an agreement has been made between the seller and buyer, but the sale is still subject to contingencies. In a “pending sale,” contingencies have lapsed, and the deal is near closing. A pending sale can still fall through if there’s an issue with financing or the home inspection.
Can sellers back out of escrow?
No, the seller can’t back out of escrow based on the results of an appraisal. If the appraisal is higher than the sale price, the seller can’t nix the contract to pursue a better offer — unless they have another valid reason.
Can a seller accept another offer while contingent?
Contingent – With No Kick-Out
This means the seller cannot accept another buyer’s offer unless certain requirements are not satisfied with the current accepted offer. This is good for the current buyer, because they can’t be “kicked out” unless they don’t meet their contingencies.
What are the 4 types of real estate?
There are five main categories of real estate: residential, commercial, industrial, raw land, and special use.
What is the most popular type of real estate?
Residential real estate
Residential properties are one of the most popular types of real estate to invest in with multiple types of houses to be aware of. This includes any property that is used for residential purposes, including: Single-family homes.
What is residential real estate?
Residential real estate refers to any property used for housing. These include family homes, cooperatives, duplexes, and condos where the investor or a party renting the property lives in. This type is ideal if you are looking to start building your dream home or begin a family.