EastLake Real Estate Glossary: Terms Every Buyer and Seller Hears

What does “Pre-approval” mean?

A lender’s written assessment, after reviewing your income, assets and credit, of the loan amount you may qualify for. It is stronger than a pre-qualification, which is a quick estimate, and it shows sellers that your offer is serious.

What does “HOA and CC&Rs” mean?

In an HOA community, owners pay dues that fund common areas and services and agree to the CC&Rs, which can regulate rentals, parking, pets and changes to the exterior. Read them before you commit. Local example: Chula Vista’s master-planned communities have neighborhood and community-wide associations, so ask which apply to the home.

What does “Months of supply” mean?

A measure of inventory against demand: homes for sale relative to the number selling each month. A low number means fewer choices and often faster sales; a high number means more choices and more room to negotiate. Local example: In the week ending Sep 12, 2026, the San Diego metro area (San Diego–Chula Vista–Carlsbad) had 3.4 months of supply.

What does “Typical home value” mean?

The typical home value is an index, not an appraisal: a smoothed estimate for the middle price tier that helps you follow changes over months and years. Local example: Zillow’s typical home value in Aug 2026 was $901,942 in ZIP 91913; $1,170,338 in ZIP 91914; $848,035 in ZIP 91915.

What does “SPA plan (Sectional Planning Area)” mean?

In Chula Vista’s master-planned areas, a Sectional Planning Area (SPA) plan sets the land uses, densities, roads and design standards for each village, and it can affect what an owner may build. Local example: EastLake and Otay Ranch grew under SPA plans, which the city’s planning library publishes.

What does “ADU and junior ADU” mean?

State law encourages accessory dwelling units, and cities must follow its rules when they permit them. They come in several forms, from detached cottages to garage conversions to junior ADUs built inside the main house. Local example: Chula Vista publishes ADU guidance through its Development Services department.

What does “Earnest money deposit” mean?

Shortly after the seller says yes, the buyer sends a deposit to escrow. It shows commitment, it is applied toward the purchase price at closing, and the contract spells out when the buyer could lose it.

What does “Contingency” mean?

Each contingency is a safety net with a clock on it. If the inspection, appraisal or loan approval goes badly within the agreed period, the buyer may cancel and keep the deposit; once the buyer removes the contingency, that protection is gone.

What does “Off-market (quiet) sale” mean?

Sometimes called a quiet or private sale: the home is offered to a limited set of buyers instead of the general market. The trade-off is fewer buyers seeing it; the rest of the process is the same.

What does “Escrow” mean?

Escrow is the stretch between an accepted offer and the day the sale records. A neutral escrow officer collects the deposit, the loan funds and the paperwork, then pays everyone and records the deed when both sides have done what the contract requires.

What does “Appraisal” mean?

A licensed appraiser visits the home and compares it with recent nearby sales to reach an opinion of value for the lender. A low number does not end a deal, but it forces a conversation about price, cash or terms.

What does “Transfer Disclosure Statement” mean?

The seller’s written list of what they know about the home: its systems, any defects, past repairs and work done without permits. It is one of several disclosures a California buyer receives.

What does “Natural Hazard Disclosure” mean?

Sellers must tell buyers if a home lies inside certain state or federal hazard zones. The NHD reports it, and buyers commonly use it to prompt insurance questions.

What does “Title insurance and the preliminary report” mean?

Before closing, a title company traces the property’s ownership record and issues a preliminary report listing liens, easements and other claims. Title insurance then protects against covered defects that were not found.

What does “Wood-destroying pest (termite) report” mean?

A pest inspection is customary in California sales. The inspector reports wood-destroying organisms and conditions such as leaks or rot, separating current problems (Section 1) from conditions that could cause future ones (Section 2).

What does “Closing costs” mean?

Expect a separate line of costs at closing, distinct from your down payment: charges for the loan, for title insurance and escrow, for recording the deed and for prepaying part of the year’s taxes and insurance. The Closing Disclosure shows the final numbers.

What does “Base-year value (Proposition 13)” mean?

When a home sells, the county assessor generally resets its taxable value to the price paid. From then on the taxable value grows by the inflation factor, capped at 2%, however fast the market moves. That is why two similar neighbors can pay very different property tax. Local example: For a typical ZIP 91913 home at $901,942, the 1% base tax would be about $9,019 a year, or roughly $10,372 with an assumed 0.15% for voter-approved charges. Real bills vary by address and by any special taxes.

What does “Supplemental tax bill” mean?

An extra property tax bill that California counties send after a purchase or new construction. It covers the difference between the old assessed value and the new one for the rest of the fiscal year, and it is separate from the regular bill.