Anatomy of a Home Listing

Real estate is one of those industries that many don’t know too much about except for the realtor themselves. You’ve probably gone online once or twice to look at listings and couldn’t make much sense of the terms that are used. Well, we’re here to make sense of those buzzwords and translate each part of the listing description into layman’s terms. Before you know it, you’ll be reading listings like a pro.

Active means this home is for sale without an accepted offer. 

Contingent means the seller is under contract with a sale contingency on the buyer’s side. Other buyers can offer during this period and, if the original buyer can’t remove the sale contingency within 48 hours, another buyer can essentially bump them out and get under contract.

Pending means the home is under contract without a sale contingency. 

Sold means the sale has closed. 

HOA stands for “homeowners association” and lists the monthly fees to belong to the association. If it’s a single-family home, chances are there won’t be an HOA, unless it’s a gated neighborhood with a community center, pool, garden, etc. If you’re looking at condominiums, there may be a high fee, mostly because you’re paying for building insurance, common areas, security, etc. 

Property Type will either be Single Family Home (SFH), Condominium, Townhouse, Multi-Family, or Land. Some listings will include stories in the house, basements, etc. 

MLS stands for Multiple Listing Service. This is the property ID number. It makes it easy to type in the number into any search browser and see the property instantly pop up. 

These are just a few parts of a listing that many people might not be clear about. Of course, any listing will include how many beds and baths, how much square footage, how much land, etc. The other part of the listing that people often have questions about is the Financing Information, so let’s break this down: 

Form 17 is the completed Seller’s Disclosure statement. It is the signed statement from the seller stating each of the details and facts about the property. 

Buyer’s Agent Commission is the amount of money that the buyer’s agent receives from the broker after a real estate deal. Typically, the agent is registered with a specific broker. The buyer works with the agent through a designated broker.

APN stands for the Assessor’s Parcel Number, this is the identification number of the property in the legal description.

Possession is when you can move into the property. Almost all listings will state “Closing.” Most sellers don’t let buyers move in before the closing happens. 

With offers, either the seller will review the offers when they’re received (on receipt) or they will select a date to review all the offers at once. In hot markets, when sellers expect many offers on their properties, they will usually have an offer review date a week after listing, so it gives a chance for every serious buyer to tour the property and have their agent write an offer. 

Preliminary Title Ordered is the preliminary title report is a report documenting the current ownership, so ensuring it’s processed will ensure you can get title insurance. 

We hope this can help clear up some of the terminologies you’ve either heard thrown around or read on a listing. As always, we’re here to help answer any questions you may have!