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Real Estate Jargon – Central Ohioese

by Maureen McCabe on September 11, 2007

Warning Jargon

Real Living has a real estate glossary that defines some real estate terms.  It’s a start.

As in any industry there is “jargon” words that we use all the time that may not be easily understood to those outside the industry.  You don’t understand all the words used in other industries so why should real estate be different?

Real Living is in 20 states now.  Even before all the expansion of Real Living based in Columbus Ohio you could travel from Dayton to Columbus and the words used to describe something real estate related would be different so the glossary is just a start.  Daytonese may be differenent than Central Ohioese… and Cleveland!

The Real Living Glossary defines escrow:  

“Escrow – The handling of funds or documents by a third party on behalf of the buyer and/or seller.” 

Escrow has to do with “closing” or “settlement.”  From the Real Living Glossary:

“Closing – The completion of documents that transfer property from a seller to a buyer (also referred to as a settlement).”

 

Escrow is involved in real estate closings, even what we call a “round table” closing in Central Ohio.  “Escrow” closings are the norm in Cleveland if I am not mistaken.  Here in Columbus  when we say to the seller just before the closing “we are closing in escrow”  the seller once they understand what that means to them will respond: “#&*^ *  #!*^”  especially if they are scheduled to close on the home they are buying immediately after the closing on their current home. 

The term “#&*^   *#!*^”   is not defined in the Real Living Glossary.

“Round table” is not in the Real Living Glossary either (remember Real Living is in 20 States and lotsa markets. ) “Round table” is not the shape of the table at the title company who does the closing.  Maybe round tables were common for closings way back when…  Buyer, seller, real estate agents, attorneys and others sit around a table and close the transaction, it is not done in escrow.

The image above is a Real Living e-Postcard and the title of that e-Postcard is “Warning Jargon.”  

“Buy in” or “Buy out” are not in the glossary, that is a relocation term.

“Propped” was a real estate word I remembered from Dayton Ohio in the late 80′s, that I never heard here in Columbus.  A few years ago I had a hard time getting anyone in Dayton to define it for me so maybe the jargon there has changed

“Kick Out Clause” is an expression I have heard from people outside Central Ohio but don’t hear here.  People in Columbus get “bumped” from contingent (a contract contingent on the sale of a home) contracts though.  I think getting “kicked out” may be the same as being “bumped.”

Words like “bumped” aren’t used in the real estate contract of course.  The real estate contract has a long paragraph or many paragraphs describing the situation, the buyers rights, the sellers rights, the obligation of both parties.   Read your contract.

If a word is used in discussing the transaction and you don’t understand it.  Ask 

Search Central Ohio Homes

MyRealLiving.com -  set up your own page  Choose me as your agent if you would like to work together to find a property! 

Find a Central Ohio Home  - Let me help you find your “Dream Home”

 

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September 15, 2007 at 09:07 am

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