What does TCP mean in real estate?

Developers usually start with the construction or the ground-work on your house when you have paid at least 10 percent of the total contract price (TCP).

What does spot down payment mean?

2. Spot cash down payment. This is one type of payment scheme that real estate developers in the Philippines offer home buyers. … After paying the reservation fee, the buyer will shell out half of the required total down payment. Homebuyers choose this option to lessen their monthly down payment.

What does monthly equity mean?

The monthly equity of the property depends on the number of years or months set by the property developer. … It means that the homebuyer has the chance to pay up the equity for 24 months in an amount divided equally throughout the period.

What does can mean in real estate?

Properties that have the designation CAN have a cancelled contract between the agent and the owner before the contract period ended. Those that read EXP had the listing contract expire. The seller may have chosen not to sell.

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What does TT stand for in real estate?

REI – real estate investing. REO – real estate owned. ROI – return on investment. TT – transfer tax.

Does down payment go to seller or bank?

A home down payment is simply the part of a home’s purchase price you pay upfront, and does not come from a mortgage lender via a loan. Suppose you want to buy a house priced at $100,000. If you were to put $3,000 toward the purchase price, or 3 percent down, you’d take out a mortgage for the remaining $97,000.

Who gets the down payment on a house?

The home buying process requires buyers to make a down payment and pay closing costs, but those are two separate transactions. Your down payment goes toward the house, whereas closing costs are the expenses to get your home.

Can you use equity in a home as a down payment?

Can You Use a Home Equity Loan to Make a Down Payment on a Home? Yes, if you have enough equity in your current home, you can use the money from a home equity loan to make a down payment on another home—or even buy another home outright without a mortgage.

What is 20% equity in a home?

In order to pay for the rest, you got a loan from a mortgage lender. This means that from the start of your purchase, you have 20 percent equity in the home’s value. The formula to see equity is your home’s worth ($200,000) minus your down payment (20 percent of $200,000 which is $40,000).

When you sell a house do you get the equity?

Put simply, in a traditional sale, you should be able to sell your home for more than what you currently owe on your mortgage. If you’ve been paying down your mortgage over the years, you’ll have built up equity in your home, which you can cash in on when you sell.

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What does Rais mean in real estate?

RAIS (Price Increase)- a property where the price was increased.

What is PCH in real estate?

What does PCH mean? PCH is an acronym that is used for several things: reference to the Pacific Coast Highway in California and also Publisher’s Clearing House. In real-estate listings, PCH indicates a price change. Related words: road trip.

What does BOM mean in real estate?

BOM indicates a home that was in contract to be sold, but is now “Back on the Market.” “No fault of the house” may describe a situation in which the buyer lost interest in the home after a long short sale process or failed to get final loan approval, as contrasted to a situation in which the home’s inspection turned up …

What does CA stand for in real estate?

Air conditioning (and “C/A” or “CAC” is. central air conditioning) AEK. All-electric kitchen. Appls.

What does CL mean in real estate?

Closed (CL)

The property is sold and no longer available.