In real estate, ‘non-conforming’ refers to properties or uses that do not comply with current zoning laws or regulations but were lawful at the time they were established. These properties often have restrictions on modifications or rebuilding but can remain in use under a legal non-conforming status.
In real estate, capping primarily refers to a limit on the amount of commission a real estate agent pays to their broker. It can also refer to limits placed on adjustable-rate mortgage interest rates or property tax assessments.
When a Zillow listing states it is ‘accepting backups,’ it means the property is currently under contract with a buyer, but the seller is willing to review alternative offers. These backup offers serve as a safety net if the primary deal fails.
The phrase “No Hoa” typically relates to real estate contexts, indicating that a property is not governed by a Homeowners Association (HOA). It means the property owner does not have to adhere to HOA rules or pay HOA fees.
A property sponsor is an entity or individual who initiates a real estate project by securing financing, managing development, and organizing investment. They act as the primary catalyst for a property’s creation or acquisition, often providing the initial equity and strategic vision.
Active contingent is a real estate listing status indicating the property is under contract with contingencies still to be satisfied. The seller continues to market the property and may accept backup offers. This differs from pending, where contingencies are removed.
A smoke‑free property is a residential or commercial space where the use of cigarettes, e‑cigarettes, and other tobacco products is prohibited. The designation can arise from landlord policies, building codes, or local regulations and is intended to protect occupants from secondhand smoke.
Defaulting on a lease occurs when a tenant fails to fulfill the obligations outlined in a lease agreement, such as timely rent payments or maintaining the property. This breach can lead to legal consequences including eviction and financial penalties.
In residential real estate and architecture, W.I.C. typically stands for Walk-In Closet. This abbreviation is commonly used in floor plans and property listings to denote storage spaces within a home that are large enough to enter.
In real estate and business contexts, ‘Under Contract Op’ typically refers to a property or asset that is under contract with an option clause. This allows the buyer to secure the right to purchase the asset after a specific period or upon meeting certain conditions.