Sunday, November 1, 2009

FU with P In real estate

This house is definitely FU with P.

The first time I heard it, I was a touch shocked. Did I miss something? Was it slang? Could I have missed their intended home.

Real Estate has many acronyms that we need to learn. The most common it seems is furnace which regularly is referred to as GB & E [gas burner and equipment]. One that seems to have retired is SS&SD, Storms, screens & storm doors. No one seems to mention the myriad of extra outside windows that are bolted, screwed and wedged in to protect us from a Canadian winter. You must have seen Mortgaging that is TAC [Treat as Clear] . Sometimes it will say PTA [Purchaser to Arrange New Financing].

Another often asked category is the closing date with TBA [to be arranged] an as yet undecided or uncommitted closing date. The Listing forms list New, PC [Price Change] and the ever confusing SC. [status change] This means that the property has moved to be under contract but is not sold until the conditions are fulfilled or satisfied, they have financing or inspection contingencies to conclude. The specific conditions are available if you ask the brokerage.

Far from our friends to the South, Closing costs here are always paid for by the buyer. Rebates apply for First Time Buyers that max out at $5725 if you Miller and LTT together. Try the online calculator.

Have you worked out the FU withP? Fixer Upper with Potential. This house is a definite FU with P. I'm still LOL about that or has text speak already aged me?

Are there a few that you would like explained? Lets try. Add your own here.

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