What is MEC in buying a house?
Real estate agents set the dates of the contract based on when they believe they can get the items accomplished. Most dates in the contract are related to the Mutually Executed Contract (MEC) date which is the last date the final person signed the contract (including counterproposals).
What are acronyms in real estate?
- ARV – after-repaired value.
- CCIM – Certified Commercial Investment Member.
- COO or C of O – certificate of occupancy.
- CMA – comparative market analysis.
- COCR or CCR – cash on cash return.
- COF – cost of funds.
- CRE – commercial real estate.
- DTI – debt to income ratio.
What does DOD mean in real estate?
One of the terms of any real estate contract is the possession date. For years, it was customary for possession to be given on the DOD, or date of deed. In other words, if the house was to close on May 3, that is when possession would be given to the buyer.