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Real Estate Dictionary — “B” is for Building Codes

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My brother lives in a Brownstone in Philadelphia. What type of house is this? A Brownstone is typically a row house, often times found in larger cities. There are some brownstones in downtown Denver and also some in Colorado Springs around the Broadmoor Hotel.

What is a building code? Building codes are set up by cities, counties, and states and are used to provide minimum building standards. They also help ensure that the buildings construction is safe. In Colorado Springs and Monument, the building code is enforced by the Pikes Peak Regional Building Department. In Woodland Park, the building code is enforced by the Teller County Building Department

The newspaper said it is a Buyer’s market. What does this mean? The newspaper is referring to a situation where there are more houses on the market than there are buyers, essentially supply exceeds demand. Markets vary neighborhood by neighborhood, consequently there can be both a Buyer’s Market and a Seller’s Market in the same city.

My Realtor in Colorado Springs said I can submit a back-up offer on a property, not sure I understand what this is? A back-up offer means that the seller has already accepted one offer, and a back-up offer will be in a secondary position, and if the first offer falls through before closing you would be next in line to purchase the property.

What is the difference between a basement and crawl space? A basement is classified as a full-story height area below the exterior grade. In Colorado, the majority of newer homes are built with a basement

Why did I get a bill of sale at closing? A bill of sale is typically used in Colorado real estate transactions to transfer ownership of personal property.  As an example, if you bought furniture that was in the house, you may have received a bill of sale at closing to show the transfer of ownership of the personal property.

I’m buying a house in October, but my other home isn’t scheduled to close until November. Can I get some type of short-term loan? You may be able to qualify for a bridge loan, which is a short-term loan.  Talk to a mortgage broker of a banker to find out your options.

Why do I need a building permit when I finish my basement? A building permit is required to insure that the plans are in accordance with the building codes of the city, county, and state. The final project is typically inspected at different intervals to monitor compliance.

I’m trying to buy a property listed as a short-sale, and the bank has told my Realtor that they need a BPO. What does this mean? A BPO is a Broker’s Price Opinion and used to establish the value of a property.

What is a buy-down? In Colorado, builders will use this financing technique to reduce monthly payments during the initial years of the loan.

Previous posts:

• A is for Absorption Rate
• B is for Building Code
• C is for CMA 
• D is for Deed
• E is for Earnest Money
• F is for Flag Lot
• G is for Gift Letter
• H is for Home Inspection
• I is for Inactive
• J is for Jumbo Loan
• K is for Kick Plate

Posted by Kathy Torline  KTorline@msn.com  719-287-1049

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Tags: back-up offer, Colorado Springs Building Permits, Colorado Springs CO homes, colorado springs co real estate, Colorado Springs Real Estate, Colorado Springs Realtor

This entry was posted on Thursday, August 7th, 2008 at 3:39 am and is filed under Real Estate Dictionary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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