New Jersey Real Estate Acronyms Explained (Part I)

AR — Attorney Review

AR commonly refers to attorney review, an important early stage of many New Jersey residential real estate transactions. After the buyer and seller sign a broker-prepared contract, their attorneys may review the agreement, disapprove it as written and negotiate revisions.

Attorney review is not merely an administrative formality. The attorneys may address inspection rights, financing, appraisal provisions, deposits, closing dates, title issues, possession and other transaction-specific terms.

UC — Under Contract

UC means under contract. It generally indicates that the seller has accepted an offer and the property is proceeding through the contract-to-closing process.

An under-contract property has not necessarily been sold. The transaction may still involve attorney review, inspections, mortgage approval, appraisal, title work, municipal requirements and other contractual conditions.

CS — Coming Soon

CS usually means coming soon. The property has been entered into a pre-active listing status but is not yet fully available for ordinary showings.

A coming-soon period may allow the seller and listing brokerage to begin generating awareness while photography, preparation or a future showing date is finalized. The specific rules governing the status depend on the applicable MLS.

Homeowners preparing to enter the market can also review how quickly a house can be listed in New Jersey.

CO — Certificate of Occupancy

CO commonly means Certificate of Occupancy. Depending on the municipality and the circumstances of the sale, a property may require a certificate, resale inspection, smoke and carbon-monoxide certification or another municipal approval before closing or occupancy.

New Jersey does not have one identical statewide resale procedure for every municipality. Sellers should confirm the requirements with the local construction, housing or fire-prevention office rather than assuming that the process used in another town will apply.

CMA — Comparative Market Analysis

CMA means Comparative Market Analysis. A real estate agent prepares a CMA by evaluating relevant comparable sales, active competition, pending listings, market conditions and property-specific differences.

A CMA can help a seller establish a probable listing-price range or help a buyer evaluate an asking price. It is not the same as a formal appraisal performed by a licensed or certified appraiser.

A credible CMA should account for more than square footage. Location, condition, lot characteristics, renovations, basement, garage, layout, property type, taxes and current competition may materially affect value.

DOM — Days on Market

DOM means Days on Market. It generally measures how long a listing has been marketed in an active status through the MLS.

DOM can provide useful context, but it should not be interpreted in isolation. A home may accumulate days on market because of overpricing, limited showing access, property condition, unusual terms or a narrow buyer pool. In other cases, the listing may have experienced status changes or been re-entered under rules that affect how the displayed number is calculated.

MLS — Multiple Listing Service

MLS means Multiple Listing Service. An MLS is a professional database through which participating real estate brokerages share listing information and cooperate in marketing properties.

MLS information is also distributed to many consumer-facing real estate websites through syndication and data-feed arrangements. New Jersey is served by multiple MLS organizations, so the appropriate system may depend on the property’s location and the brokerage’s memberships.

Consumers comparing brokerage services should distinguish between basic MLS entry and broader professional services. The New Jersey low-commission Realtor guide explains how fee structure and service scope can differ.

BOM — Back on Market

BOM means Back on Market. It indicates that a property previously removed from active availability has returned to the market.

A home may come back on the market because a buyer’s transaction ended, financing failed, inspection negotiations were unsuccessful, attorney review did not conclude, a home-sale contingency was not satisfied or the seller temporarily paused the listing.

BOM does not automatically mean that an inspection uncovered a major defect. Buyers should ask their agent to investigate the available listing history and obtain appropriate disclosures rather than assume why the prior transaction ended.

LP — List Price

LP means List Price. It is the asking price at which a property is offered for sale.

Market analyses may distinguish between the original list price and the final list price in effect immediately before the property went under contract. That distinction matters when a seller made one or more price reductions.

SP — Sale Price

SP means Sale Price. It is the price recorded when the transaction closes, subject to the way the applicable database reports the sale.

The sale price alone does not reveal every economic term of the transaction. Seller concessions, repair credits, buyer-agent compensation, included personal property and unusual financing arrangements may affect how the result should be interpreted.

Agents often compare SP with LP when evaluating market performance. However, the ratio is most meaningful when the correct list-price figure and any material concessions are also considered.