EIK, CMA, 4B, 2B. W H A T? Sometimes real estate lingo can sound a lot like another language. Especially when the words are delivered by a fast talking, sometimes intense real estate agent that assumes you know what they’re talking about. So, to give yourself the best chance of actually understanding what’s going on when you’re searching for a property to buy, here are some of the words you should know.
EIK: Eat in Kitchen. While it might be easier to abbreviate it, if an estate agent says EIK at least you’ll know what they’re talking about now.
CMA: Comparative Market Analysis. This is a report that shows prices of homes that are comparable to the one you are looking at purchasing.
4B: Four-bedroom house, not including living or dining.
2B: Two-bedroom house, again not including living or dining.
Selling Costs: All the costs you need to pay to sell your house like a real estate agent commission, conveyancer fee or cost of a photographer.
FDR: Formal dining room.
Fixture: Anything that is of value and is a permanent part of the house, so benches, built in wardrobes and lights are usually included in this. (Always best to check with the agent)
Fab Pentrm: This is just a fancy word for a room at the top of the house below the roof that has great views.
Absorption Rate: This is referring to the rate at which rentable space is filled in that area.
Abstract of Title: Is a historical summary of what has gone on with the property from rental history to add on’s and renovations.
Cooling off period: When you make an offer on a house and pay a holding deposit, there is a cooling off period where you can change your mind. There is no cooling off period at an auction.
Stamp Duty: Is essentially the state government tax charged on the legal documents used when transferring the property into your name.
These are just a few of the confusing terminology that can arise when you are dealing with real estate agents. Once you get the hang of some of the more abbreviated words you’ll be a lingo king (or queen) in no time. If you’re still wondering what all of these words mean, be sure to ask your real estate agent to explain themselves!