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Glossary of
Real Estate Terms
                     



STATUS (ACTIVE/CONTINGENT)
:
A listing in Active status is available for purchase, however note that sometimes it takes a couple of days after an offer has been accepted to take it out of Active status.

A listing in Contingent status is usually either a short-sale or bank-owned. If it is a short-sale, Contingent means that the seller has accepted an offer and is either in escrow or about to go into escrow, contingent on lender approval. If it is a bank-owned sale, Contingent means that offers have already been sent to the bank for approval. In either case, these listings may or may not be accepting backup offers.
 
OWNERSHIP (FEE SIMPLE/CONDOMINIUM/PUD):
Ownership of Fee Simple is the highest form of ownership where the owner typically owns both the land and the home.

Condominium ownership is exclusive ownership of the "four walls" within the unit or home. The land is jointly owned by all member of the homeowner's association.  Within jointly owned land, some of it may be designated for exclusive use, such as an attached patio to a unit may only be used by the owner of the unit.

A PUD, or Planned Unit Development, typically consists of fee simple ownership homes that are governed by a homeowner's association.

NOTE, these are not legal definitions but an explanation of their typical usage within the Sandicor MLS system.
 
MELLO ROOS: A Mello-Roos Community Facilities District (CFD) is formed as a method of financing government entities (cities, counties, school districts and other special districts) to fund the cost of public improvements. The municipality sells bonds on behalf of the CFD. These bonds are sold to private investors who purchase them for tax-free interest income. The money raised through the bond sales becomes the debt obligation of the CFD. The bond proceeds are used to pay for public improvements within the CFD. Money is repaid to bondholders through the Mello-Roos special tax. The service for the bonds is repaid by the levy of a special tax on property within the CFD. The special tax revenue is used to pay back the investment, repay principal and interest to bondholders. Taxation and repayment continues each year for the life of the bond issue, usually 20 to 40 years.








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