B is for Building Permit -- Colorado Real Estate Dictionary
Colorado Real Estate -- Use this glossary to make yourself more prepared
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 construction of buildings are safe.
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 said I can submit a back-up offer on a property, not sure I understand what this? A back-up offer means that the seller has already accepted one offer, and a back-up offer will be in a secondary position.
What is the difference between a basement and crawl space? A basement is classified as a full-story height area below the exterior grade.
Why did I get a bill of sale at closing? A bill of sale is typically used 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.
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.
Previous Posts: A is for Agent
Resources
The Online Real Estate Database and Directory
National Association of Realtors
A Colorado Springs Real Estate Agent You Can Trust
Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
www.Kathytorline.com & www.ColoradoSpringsVintageHomes.com
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