The vocabulary you'll use every day. Search if you're hunting a specific term.
ALTA American Land Title
Closing settlement statement format. Replaced the HUD-1 in most transactions.
Amortization
The paydown schedule of a loan over time — interest-heavy early, principal-heavy late.
ARM Adjustable Rate Mortgage
A mortgage whose interest rate adjusts on a schedule (e.g., 5/1 ARM = fixed 5 years, adjusts annually after).
As-Is Contract
FAR/BAR contract version where buyer can inspect but seller is not obligated to repair. Most common in SWFL.
Cap Rate
Net Operating Income / Property Value. Quick measure of an investment property's return, ignoring financing.
CCCL Coastal Construction Control Line
FL line seaward of which special construction rules apply. Required disclosure for SWFL coastal properties.
Clear to Close
Lender's final approval — loan is funded-ready. Should arrive 3–5 days before closing.
Closing Disclosure (CD)
Federally required document delivered to buyer at least 3 business days before closing. Lists all closing costs.
CMA Comparative Market Analysis
Analysis of comparable sales used to estimate value. The basis of every pricing conversation.
Contingency
A condition in a contract that must be met or the buyer can terminate (inspection, financing, appraisal).
DOM Days on Market
Count of days a property has been actively listed. Reset rules vary by MLS.
DTI Debt-to-Income
Total monthly debt / monthly gross income. Conventional lenders cap at ~43%, FHA can go higher.
Earnest Money
Good-faith deposit held in escrow upon contract acceptance. Forfeited if buyer defaults outside contingencies.
Easement
A right one party has to use another's land for a specific purpose (utility, access, drainage).
Effective Date
The date all parties have signed and that signing is communicated. All FAR/BAR timelines run from here.
Encumbrance
A claim or liability on a property (mortgage, lien, easement) that affects its title.
Escrow
A neutral third party holding funds or documents on behalf of two transacting parties until conditions are met.
Estoppel
A document from an HOA/condo association confirming dues paid, fees owed, and approval status. Order 10–15 days pre-close.
FAR/BAR Contract
The standard Florida real estate contract, jointly approved by Florida Realtors and the Florida Bar.
FIRPTA
Foreign Investment in Real Property Tax Act. 15% withholding on sales by foreign sellers (with exemptions).
Fiduciary
Highest legal duty of care — owed by a Single Agent to their client. Loyalty, confidentiality, full disclosure.
FHA Loan
Federal Housing Administration-insured loan. Low down (3.5%), flexible credit, mortgage insurance required.
FSBO For Sale By Owner
A homeowner selling without a listing agent. Often a future client when their listing expires.
GCI Gross Commission Income
Total commission earned before splits, fees, and taxes.
Homestead Exemption
FL property tax exemption ($50K) plus Save Our Homes assessment cap. File with county appraiser by March 1.
Inspection Period
Time during which buyer can inspect and (under As-Is) terminate without penalty. Default 15 days in FAR/BAR.
Jumbo Loan
A mortgage exceeding conforming loan limits (varies by county). Stricter underwriting.
Lien
A legal claim against property, often securing a debt. Must be cleared before clean title transfer.
LTV Loan-to-Value
Loan amount / property value. Conventional caps at 80% to avoid PMI; FHA up to 96.5%.
MLS Multiple Listing Service
The cooperative database of properties for sale. SWFL primarily uses Stellar MLS & NABOR MLS.
NOI Net Operating Income
Annual rental income minus operating expenses (not financing). Foundation of investment analysis.
PITI
Principal, Interest, Taxes, Insurance — the four components of a typical monthly mortgage payment.
PMI Private Mortgage Insurance
Required on conventional loans >80% LTV. Drops off once LTV reaches 78%.
Portability
FL homeowners can transfer their Save Our Homes tax savings to a new home if homesteaded within 2 years.
Pre-Approval
A lender's written commitment to lend, based on verified docs. Stronger than a pre-qualification.
Procuring Cause
The agent whose actions caused the buyer to purchase. Often determines who earns the commission.
Quitclaim Deed
A deed transferring whatever interest the grantor has — no warranties. Common in family/divorce transfers.
Realtor®
A licensee who is also a member of NAR and bound by the Code of Ethics. Not all licensees are Realtors.
Save Our Homes
FL constitutional cap on annual assessment increases (3% or CPI, whichever is lower) for homesteaded properties.
Seller Financing
Seller acts as the lender. Common in commercial & investor deals. Be aware of Dodd-Frank rules on residential.
Special Assessment
One-time charge by an HOA/condo to fund a large expense (roof, milestone inspection). Disclose to buyer.
SDE Seller's Discretionary Earnings
Used in small-business valuation. EBITDA + owner's salary + perks. Typical SMB multiples: 2–4x SDE.
Survey
A licensed surveyor's drawing showing property boundaries, structures, easements. Often required for title insurance.
Title Insurance
Protects against defects in title that existed before purchase. Owner's & Lender's policies are separate.
Transaction Broker
FL's default brokerage relationship. Provides limited representation without fiduciary duties. Allowed dual-side.
Underwriting
The lender's process of evaluating a loan application. Where deals live or die in the final stretch.
USDA Loan
Rural-development loan, 0% down. Income & geographic limits apply. Some SWFL areas qualify.
VA Loan
Veterans Affairs-backed loan. 0% down, no PMI, for qualifying veterans & active service members.
Wind Mitigation
FL-specific inspection documenting hurricane-resistance features. Can reduce insurance premiums significantly.
Zoning
Local rules controlling how land may be used (residential, commercial, mixed). Always verify before contract.
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