Buyer concessions are financial incentives offered by a seller to a buyer, typically in real estate transactions, to offset closing costs or other expenses. They are negotiated as part of the purchase agreement and can affect the overall purchase price and financing.
A quick sale on a house refers to the process of selling a property rapidly, often involving strategies that expedite transactions and accommodate sellers needing fast cash due to financial constraints or other circumstances.
GLA stands for Gross Leasable Area, a standard measurement of the total floor space that can be rented out in a commercial property. It is widely used by landlords, tenants, and appraisers to determine rent, valuation, and space planning.
A deposited plan is a map or drawing officially filed with a government authority, such as a land registry or planning department, to define boundaries, easements, or development conditions. It serves as a legal reference for property rights and planning permissions.
On a real estate closing statement, POC stands for ‘Paid Outside of Closing’ (or ‘Paid Outside Closing’). It refers to expenses or credits that are settled directly between the buyer/seller and a third party, outside the formal escrow or settlement process, and therefore do not flow through the closing funds.
On-site laundry refers to the availability of clothes washing and drying facilities located within the physical boundaries of a residential or commercial property. These facilities can range from private in-unit machines to shared communal laundry rooms.
Raw land refers to undeveloped real estate that lacks utilities, structures, roads, or any improvements. It is typically purchased for future development, agricultural use, or as a long-term investment, and its value is influenced by location, zoning, and access to infrastructure.
The term ‘401-Residential Improved’ is commonly used in property assessment and real estate to categorize residential land parcels that have been developed with buildings or other structures. It distinguishes improved residential properties from vacant or unimproved land.
The mortgage acquisition date generally refers to the specific date a lender or servicer obtains ownership or servicing rights to a loan. For borrowers, this term is often confused with the closing date, though it technically pertains to institutional transfers. Understanding this date is crucial for tax reporting, servicing transitions, and regulatory compliance within the housing finance sector.
In North Carolina, a Nomap Bond is a financial guarantee required by local governments when a developer wishes to begin construction before a subdivision plat is officially recorded. It ensures that required public improvements (roads, utilities, drainage) will be completed even if the plat is never finalized.