Frequent question: What is an ICD in real estate?

Sometimes referred to as ICD or Integrated Closing Disclosure. COMMITMENT: The document by which a title insurer discloses to all parties connected with a particular real estate transaction all the liens, defects, and burdens and obligations that affect the subject property.

What is a CR in real estate?

14 What is a CR, and why do we need them? CR’s, the short for Conservation Restrictions is an agreement that is held by another party, not related to the owner of an open space land parcel, purchased with funds from the Community Preservation Act.

What does AGC stand for in real estate?

Associated General Contractors of America.

What is an ATAC in real estate?

Any negotiation of repairs that come up in an inspection are done during the Due Diligence Period. The buyer delivers its repair terms on the Amendment to Address Concerns (ATAC F704).

What does conditions mean in real estate?

A condition precedent is something that must occur before an obligation exists. A common example of such a condition is a loan contingency found in a purchase and sale agreement, whereby if the buyer is unable to obtain a loan, the buyer is not obligated to complete the purchase of the property.

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What does OTP stand for in real estate?

You will need to submit an Offer To Purchase to the seller. Commonly known as an OTP, this is a document that contains all the terms and conditions attached to the purchase, setting out the sale agreement between the seller and the buyer of a property.

What does CSL mean in real estate?

CSL

Acronym Definition
CSL Canada Safeway Limited (real estate)
CSL Combat Stores List (US DoD)
CSL Customer Service Level
CSL Control Systems Laboratory

What does PC mean in real estate?

PCG means price change. Properties marked BOM have come back on the market after the active marketing has been suspended by being UAG, WDN, CAN, or EXP. Sometimes, I see this marked as RAC, which means reactivated.

What does BR and BA mean in real estate?

Ba – bathroom. Br – bedroom. CAC – central air conditioning. Ch – central heat.

Can a seller back out of a conditional offer?

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.

Can a seller cancel a conditional offer?

A seller can only back out of a contingent offer if the purchase agreement includes a contingency that authorizes the seller to terminate the contract.

Can you back out of a conditional offer?

With conditional offers, the buyer may walk away from the offer completely, and may be entitled to have their entire deposit returned if they don’t waive conditions. While this is fairly standard for you, it isn’t an everyday thing for your clients. They may be confused and frustrated.

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