Real Estate Acronyms

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Real Estate

There are several acronyms used in real estate transactions that can be confusing. What do they all mean. Things like SPDS, BINSR, Pre-Qual, COE, etc. All of which relate to certain procedures in the time line of a sale. I usually spell them out in the beginning for clients so they learn the lingo so to speak and don't need to spell them out in each email of text message. Seller Property Disclosure Statement (SPDS), Buyer Inspection Notice and Seller's Response (BINSR), Pre-Qualification for a loan (Pre-Qual), Close of Escrow (COE), etc. These are just a few. There are several processes involved in purchasing and Selling a home. Knowing the lingo does help.