What Does Bom Mean In Real Estate
In real estate, ‘BOM’ stands for ‘Buyer’s Offer Made,’ indicating that a potential buyer has submitted an offer to purchase a property.
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What Does Recreational Land Mean
Recreational land refers to parcels designated for leisure activities such as camping, hunting, fishing, trails, and parks. It is defined by zoning, land‑use plans, or easements and plays a role in economics, environment, and community health.
What Does 3x The Rent Mean
The phrase “3x the rent” refers to a common landlord requirement that a tenant’s gross monthly income be at least three times the amount of rent. It is used as a screening tool to assess a renter’s ability to afford the lease.
What Does An As Is Addendum Mean
An ‘as is’ addendum is a contractual provision in a real estate transaction stating that the buyer accepts the property in its current physical condition, including any defects, and waives the right to request repairs or seek remedy from the seller for pre-existing issues.
What Does Total Household Rental Voucher Amount Mean
The total household rental voucher amount refers to the subsidy provided under the Housing Choice Voucher program. It is calculated based on income and local payment standards. This amount helps low-income families afford safe housing.
What Does Forcible Entry Detainer Mean
A forcible entry detainer is a legal action used to remove a person who has entered or remained on property without permission. It is a key remedy in landlord‑tenant law for recovering possession of real estate.
What Does Rubs Mean In Real Estate
In the context of real estate, ‘RUBS’ is an acronym for Ratio Utility Billing System. It is a method of allocating utility costs among tenants based on a formula rather than individual meters.
What Does Coe Mean In Real Estate
In real estate, COE stands for ‘Close of Escrow.’ It refers to the final step in a property transaction where the title is officially transferred from the seller to the buyer.
What Does Housing Unit Rji Mean
Housing Unit RJI is a term used in real estate and housing statistics to denote a specific type of residential unit, often referring to the number of occupied housing units within a given area.
Active Under Contract on a House
When a house is listed as ‘Active Under Contract,’ it indicates that an offer has been accepted by the seller, but the sale is still pending completion of contractual obligations such as financing and inspections.