If you are new to real estate investing, you may often encounter a lot of real estate acronyms when skimming through classified ads, while discussing with bank officers, real estate brokers, and other seasoned real estate professionals. You might even see them while driving past a house that has a for sale sign, just like the one above…
Here’s what the for sale sign actually means:
House – For Sale By Owner, 3 Bed Rooms, 2 Toilet and Bath, 3 Car Garage, with Maid’s Room, Ready For Occupancy. Direct Buyers Only!
While some real estate acronyms can be easily deciphered, others may take some serious searching to find out what they mean.
I know how it feels to be the only person in a discussion who does not know something, and it can be a dead-giveaway that you are a newbie when it comes to real estate investing.
To help save us from the trouble and embarrassment, I have started compiling a list of local real estate acronyms and their meanings, as most often used here in the Philippines. Check them out below.
Real Estate Acronyms commonly used in the Philippines
AP – Asking price
AF- Atypical Floor
APT – Apartment
ARV – After Repair Value
ATS – Authority to Sell
AV – Appraised Value
BALAI – Building Adequate Livable Affordable and Inclusive Filipino Communities (In reference to BALAI Filipino from DHSUD
BIR – Bureau of Internal Revenue
BIS – Buyer Information Sheet
BLLM – Bureau of Lands Location Monument
BR – Bedroom
BSMT – Basement
CAR – Certificate Authorizing Registration
CCR – Cash on Cash Return
CCT – Condominium Certificate of Title
CF – Cost Factor
CG – Car Garage
CI – Credit Investigation, Client Inspection
CLOA – Certificate of Land Ownership Award
CLOP – Contract of Lease with Option to Purchase
CLUP – Certificate of Land Use Plan
COMP – Comparable
COMM – Commission
CONC – Concrete
COS – Certificate Of Sale
CPD – Continuing Professional Development
CR – Comfort Room
CRB – Certified REBAP Broker
CRESR – Comprehensive Real Estate Seminar and Review
CTC – Community Tax Certificate
CTS – Contract-To-Sell
CUSA – Common Use Service Area
CWT – Creditable Withholding Tax
DBO – Direct Buyers Only
DHSUD – Department of Human Settlements and Urban Development
DOAS – Deed Of Absolute Sale
DOR – Deed of Restrictions
DOM – Deed Of Mortgage
DP – Down Payment
DR – Door
EOP – Exclusive Option to Purchase
EAR – External Appraisal Report (Often seen in Metrobank’s listings of foreclosed properties)
FA – Floor Area
FAR – Floor Area Ratio (Thank you to Doc Mary Gaw So for mentioning this during a recent CPD lecture at REBAP LMP. I finally remembered to add this here).
FFE – Furniture, Fixtures, and Equipment
FMV – Fair Market Value
FSBO – For Sale By Owner
GF – Ground Floor
GFI – Government Financial Institution
GMTOE – Government Mandated Taxes and Other Expenses
GSIS – Government Service Insurance System
HL – House and Lot
HOA – Home Owners Association
HVAC – Heating Ventilation and Air Conditioning
IHF – In House Financing
IP-RU – Investment Properties – Retail Units (applies to GSIS Foreclosed Properties)
ISP – Indicative Selling Price
ITR – Income Tax Return
LA – Lot Area
LARES – LAnd REgiStration
LET – Lease To Tenant
LF – Looking For
LOG – Letter Of Guarantee
LOI – Letter Of Intent
LOU – Letter Of Undertaking
LRA – Land Registration Authority
LTCP – Land Titling Computerization Project
LTS – License To Sell
LTV – Loan To Value
MA – Monthly Amortization
MAO – Maximum Allowable Offer
MBP – Minimum Bid Price
MBR – Masters Bed Room
MC – Manager’s Check
MGSP – Minimum Gross Selling Price (Applies to Pag-IBIG Acquired Assets / Foreclosed properties)
MLS – Multiple Listing Service
MOA – Memorandum Of Agreement
MP – Marketing Partner
MR – Maids Room
MRI – Mortgage Redemption Insurance
MV – Market Value
NOAS – Notice Of Approval of Sale (applies to GSIS Foreclosed Properties)
NEOP – Non Exclusive Option to Purchase
NDI – Net Disposable Income
NOI – Net Operating Income
NROC – Non Refundable Option Consideration
OCT – Original Certificate of Title
OP – Over Pricing, Option to Purchase
Pag-IBIG – Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industria at Gobyerno (Click here for the latest listings of Pag-IBIG foreclosed properties)
PA – Parking Area
PITI – Principal Interest Taxes and Insurance
PC – Purchase Contract
PD – Presidential Decree
PKS – Product Knowledge Seminar (Often given to licensed real estate brokers/ salespersons when there’s a new real estate project)
POC – Percentage Of Completion
PS – Parking Slot
PSM – per square meter
RD – Registry of Deeds, Roof Deck
RA – Republic Act
RE – Real Estate
REB – Real Estate Broker
REBAP – Real Estate Brokers Association of the Philippines
REBAP-LMP – REBAP Las Pinas, Muntinlupa, Paranaque
REI – Real Estate Investing
REIT – Real Estate Investment Trust
REM – Real Estate Mortgage
RESA – Real Estate Service Act
REO – Real Estate Owned
RF- Registration Fee(s), Reservation Fee
RFO – Ready For Occupancy
RH – Row House
RM – Room
RMO – Revenue Memorandum Order (issued by the BIR)
ROI – Return On Investment or Return Of Investment
ROPA – Real and Other Properties Acquired
ROPOA – Real and Other Properties Owned or Acquired
ROW – Right Of Way
RPT – Real Property Tax
RTO – Rent-To-Own
SA – Service Area, Single Attached
SHDA – Subdivision and Housing Developers Association
SPA – Special Power of Attorney
SPS – SPouSes
SQM – SQuare Meters
TRAIN – Tax Reform for Acceleration and INclusion
TB or T&B – Toilet and Bath
TCP – Total Contract Price
TCT – Transfer Certificate of Title
TH – Town House
TFA – Total Floor Area
TLA – Total Lot Area
TO – Turn Over
TOB – Turn Over Balance
TOR – Transfer of Rights
TT – Transfer Tax
UA – Usable Area
VAT – Value Added Tax
WTB – Want To Buy
WTL – Want To Lease
ZV – Zonal Value
What do the terms actually mean?
While knowing what an acronym stands for is useful, it would be more helpful if we also knew what the term actually meant. This is the reason why I have also added useful links to more detailed explanations for terms behind the acronyms (much like an online glossary), and I shall continue to add more links as they become available.
Want to add an acronym?
This is a work in progress so if you can’t find an acronym in this list, or if you need more details for an acronym or term, just leave a comment and I’ll ask around from friends and contacts who are veterans in the real estate business, then I’ll include them here.
We also welcome contributions, so if you want to add an acronym to the list, you may also leave a comment below. Of course, we give credit where it’s due, so all contributions will include full attribution details (make sure you include a link to your website if any, thanks!).
Thank you to the following for the valuable inputs!
(Note: You have to load the comments first so that the links will go to their comments below)
Again, thank you for sharing for sharing acronyms which I have added to the list!
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Hi,
Just saw this page and I want to ask what are the meaning of these acronyms:
These are all in easements located in Virginia.
VPS
LCBS
LCSA
Hi Allen, sorry but I have no idea what those acronym mean, what I listed here are those applicable here in the Philippines.
Hi!
What is the meaning of this?
PAF
Thanks in advance.
Hi Ruth, sorry I’m not familiar with that PAF acronym in relation to real estate. Where did you encounter this?
Last na:
LET lease to tenant
I forgot these:
WTB Want to buy
WTL Want to lease
LF looking for
TO turn over
TOB turn over balance
IHF in-house financing
LF looking for
NDI net disposable income
RF reservation fee also
MP Marketing Partner
SPS. spouses
LOI letter of intent
LOU letter of undertaking
BIS buyer information sheet
CI client inspection
AF atypical floor
TF typical floor
YIELD areas inside a property that is not livable or cannot be used (e.g. indoor post)
PS: Sir Jay, I love your content. Thank you for putting your site up. You are a blessing!
Wow, thanks for sharing these Charm! I’ll add these asap. 🙂
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hello Sir Jay,
is any of these can be included in acronyms, or existing ?:
PSM – per square meter; RF- Registration fee; TCP- Total Contract Price;
DOR- Deed of Restriction; TOR- Transfer of Rights;
Thanks and God bless you more.
Yu jin
Thanks Yu Jin, I already added these. God bless you too!
Hi Jay,
Is Mortgage Redemption Insurance required by all banks for Home Loans, or do I have an option not to get it? Are there cheaper companies that offer this? And do I have an option to acquire this insurance from a company I selected?
Thanks and regards,
LJ Tejano
Hi LJ, as far as I know MRI is always required if you get a mortgage, but you can choose where to get it. I suggest you shop around, but check with the bank as there are certain requirements that the MRI from another company should have. Thanks for dropping by!
Fantastic Piece of information.
Hello Jay,
Firstly, Thank you for your very informative site.
I have been looking at listings thru BFS andf I see properties that are ‘REDEEMED’and ‘with illegal occupants’, what do they mean by this?
Thank you!
hi jay… i’ve encountered this acronym and it seems it is not a regular RE acronym. kindly share info if you know what COS means. thanks, it was used in this statement “within redemption period COS was issued”. thanks in advance.
Hi lorenz, in this case, COS refers to Certificate Of Sale. Once the COS is annotated on the title, the one year redemption begins. Thanks for dropping by!
By the way, I already added COS in the list of acronyms. Thanks again for the heads-up!
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@Anonymous, if the bank financing is through a mortgage contract then the collateral would be the property itself, which will be mortgaged to the bank. If financing is through a contract-to-sell however, the property remains in the name of the bank until it gets fully paid.
hI jay..after winning the bidding and have paid the downpayment.is there any collateral needed for the bank to get the financing term..of the foreclosed property..?pls advice..tnx
None needed. TOR, DOAS, TCT/CCT will not be given to you before you pay the TCP.
Ff up: kung mortgage naman, mqy bayad yun. Then you will cancel that mortgage pag fully paid na TCP
I think i should memorize this acronyms coz i was hired as a broker in el pueblo in manila, a realized that being a broker means more responsibility not just by selling house.
Thanks Jay! Now I can understand these small FSBO ads. 🙂
@Teamchi, you’re welcome. One of my most memorable acronyms was DBO, we often see this on for sale signs when we pass through the Cubao area and my wife and I never got what it meant until I saw an ad that had the complete term. =)
this is great and helpful. thanks again, Jay! 🙂