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Real Estate Glossary

 
 

When dealing with residential property to indicate the same things brokers may use different terminology. Below we described basic, most commonly used terminology.
 

Types of apartments Read
Apartment features Read
Building characteristics Read
Conditions of Real Estate properties Read
Important words in Real Estate Read
 
 
Types of apartments in New York City:

 

 

Convertible - Apartment, where a large living room was devided into two parts, so by reducing the area of the living room there is an additional full bedroom.
  
Junior 1 (Junior 2, Junior 3, Junior 4) - Apartment, which was re-planned to achieve the number of full rooms which is listed after the word Junior.

Classic 5 - prewar apartments consisting of 5 rooms including 2 bedrooms, living room, dining room and kitchen. Typically, each bedroom has its own bathroom. 

Studio - a studio apartment, with combined living room and bedroom. Usually a studio in New York City - is an example of minimalism, where almost no hall and the kitchen is part of the room separated by a low wooden counter.
 
Duplex - Duplex apartment or house in which there are two apartments.
 
Triplex - three-level apartment or a house with three residential floors. 
 
Quadraplex - apartment or house, consisting of four levels. 
 
Penthouse - luxury apartment located on the upper floors of a high-rise building. Usually penthouse has a private terrace, a nice view and a separate key access to the floor.
 
 
 
 
 
Detailed features of apartments:

 

Alcove Studio - apartment-studio with an additional niche in the living room which makes it easy to provide a separate area for sleeping or home office.
 
Den - a room of less than 110 sq feet, which cannot be called a bedroom, so often used as a home office, study, library, or play-room.
 
Built-in Appliances - any equipment which stays in the apartment after construction or repair. Plates, ovens, hoods, refrigerators, dishwashers, washing, drying machine. Sometimes it includes microwave and wine cabinets.
 
Erker - apartment in which the window facade of the building is slightly pushed forward, that allows to use these bright places for desks, small dining room or workshop.
 
Mezzanine - additional living space obtained by dividing rooms with high ceilings which can be used for bedroom, office, children's room, workshop or technical rooms, accessible only by an internal staircase. 
 
High floor - apartment with high ceilings (high floor) in New York, called any apartment, where the ceiling height is greater than 9 feet (2.75 meters).
 
EIK - an abbreviation of the phrase Eat-In Kitchen, used for apartments, which the kitchen is combined with the dinning room.
 
WEIK - an abbreviation of the phrase Windowed Eat-In Kitchen, used to describe a kitchen-dining room, which always has a kitchen window.
 
Walk-In Kitchen - this is not a big-size kitchen, but can accommodate a standard set of cabinets, although you cannot set up a table or area equipped for eating. 
 
Walk-through or Pass-through Kitchen - kitchen located between the rooms.
 
Pullman - a small wall-mounted kitchen, often with truncated equipment (low refrigerator, two burners on the stove, small sink).
 
Murphy Bed - bunk bed, built into the wall, which saves space, ideal for small studios. 
 
California Closet – built-in wardrobe in which your usual hangers and shelves have drawers.
 
WBFP – abbreviation of wood-burning fireplace.
 
NWFP – “non-working fireplace”, used for decorative reasons.
 
Original Detail – the original parts are used in decorating the apartment. Most often the term is used in prewar apartments, which still have present molding, decorative panels, cornices with ornament, columns, capitals and pedestals.
 
Powder Room – Toilet room in which there is no shower stall or bathtub. Usually used as a guest bathroom.
 
Dual Sinks  – double sink bathroom. Most often this set is found in the master bedroom.
 
Common charges – provided utility services for which payment is made monthly, regardless of consumption. The list of services is made individually for each building. Those services that are not included in the common charges are paid separately by the meter or the contract.
 
Partial Views – a term denoting a partial view of the presence of some attractions. Is used to refer to Manhattan bounded form of the river or the park. 

Oblique Views – full view window of the park or one of the rivers. 
 
 
 
 
Particularly in the description of the building:
 
 
Amenities – additional facilities provided to tenants of a condominium or apartment complex gratis or for a subscription fee. In each building there is its own set of additional amenities. Usually it is a pool, gym, sauna, roof terrace, children's room, a basketball court, roof solarium, indoor squash courts, and a climbing wall. In the modern buildings in which some buildings were used as a hotel, they may be equipped with SPA salons, barber shops, and restaurants.
 
Full-service Building – a building with the presence of an around the clock24 hoconcierge and doorman.
 
Concierge – monitors access to visitors and guests. Can receive parcels and correspondence. In large buildings in New York they working around the clock concie, in small houses are usually part-time.
 
Doorman  – staff in the building, opening doors, controlling incoming visitors and taking delivery of mail and parcels for residents. Depending on the type of building work full or part time. In some buildings dormenov may be several.
 
Superintendent  – building managers appointed by the owner. More often used abbreviation "Super". The primary duties include the control and care of basic vital functions of the building.
 
Attended Elevator – service personnel lift. Present where there are still pre-war elevators. Doormen can simultaneously function as a lift operator.
 
Basement – basement, which can be used for storage or arrangement of additional amenities: laundry room, bicycle storage room, gym, pool, sauna.
 
Patio – a small courtyard, adjacent to one of the apartments and the owners can use it for personal purposes.
 
Rooftop Deck / Sundeck – part of the roof on the building, which is designed for relaxation, sunbathing, or any other activities.
 
Terrace – part of the roof or apartment has the same features as the Roofdeck, but unlike the roofdeck, the terrace is used only for personal purposes.
 
Courtyard – inner courtyard of the building.
 
Keyed Elevator – lift that uses the private key provided to each resident with direct access to their apartment. Most commonly used in the penthouses, lofts or apartments occupying an entire floor.
 
 
 
 
Condition of the property:
 
 
Broom Clean – is an object in perfect condition.
 
Blue Ribbon Condition – a term used to indicate that the object is not a new looks almost perfect, like new.
 
As-is Condition – this expression means that you get an object in the same condition in which it is now.
 
Triple Mint – This phrase means that the kitchen, living area and bathroom are in the open almost perfect condition.
 
 
 
 
Important terms in the search for:
 
 
Closing – the deal on the final offer for the real estate, after which the new owner takes over.
 
Closing Costs – the total cost of the closing, including all required payments without which the conveyance of property is not possible.
 
Common Area – the total area of ​​the building belonging to all condominium owners with equal rights to share.
 
Credit Report – financial statements prepared on the basis of analysis of the ratio of assets and debts of each person, taking into account the history of their previous payments. Usually ordered in the three largest companies Equifax, Experian and TransUnion Corp.
 
Credit Score - digital representation of 500 to 1000, initialy the result of Credit Report.
 
Earnest Money Deposit – deposit made by the prospective buyer in order to demonstrate serious intent to purchase specific property.
 
Maintenance Fee – monthly payments to the owner of the management company to finance personnel, and make payments of current utility bills and taxes.
 
Security Deposit – financial security, which makes the next tenant pay the landlord to ensure the implementation of the main points of the lease, as well as cover the damage to furniture or property. Usually equal to the monthly rental cost. If the rent is with an expensive repair company or very expensive furniture one then the Security Deposit may be the sum of two months rent. After the end of the lease the Security Deposit is returning back to the Tenant. When renting an apartment without furniture, as agreed, the tenant has a last month of residency to this deposit.
 
Subleasing - a lease of property made by a person who is himself a lessee or tenant of that property.
 
Title – a document confirming the right of ownership.
 
Open House – On this day, at an appointed time, everyone is provided open access to the place for sale or rent.
 
Guarantor – financial guarantor who assumes full financial responsibility for the person he is guaranteeing.
 
FSBO – abbreviation for For Sale By Owner.
 
Investment Property – type of property acquired for investment, and not their own use. Most cooperatives in New York prohibit the purchase of apartments as an investment property.
 
Pied-a-Terre – a term denoting the use of housing is not on a permanent basis, and used several times a year as needed. New York policy prohibits the use of many of the buildings for such purposes.
 
Managing Agent – property management company, which hires the owner or occupants of the building by the Board to serve at home.
 

 

  

 

 

 

 

 

Viktoriya Safronova - Real Estate Agent, New York
Viktoriya Safronova
Senior International Real Estate Advisor
Licensed Real Estate Salesperson
Evans relocation


243 west 60th street, store 2
New York NY 10023
+1 (347) 257 9773
info@ilivenewyork.net

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