Introduction
In the world of real estate, there are numerous terms and acronyms that can be confusing for both buyers and sellers. One such term is “MOL,” which often appears in property listings and descriptions. In this article, we will dive deeper into what “MOL” means in real estate and how it is used.
What Does MOL Mean in Real Estate?
Definition: MOL stands for “More or Less” and is commonly used in real estate to indicate that the stated measurement of a property or a specific feature is approximate and may vary slightly.
When a property is listed with the MOL designation, it means that the size or dimensions provided are not exact but are estimated to be close to the stated measurement. This is particularly relevant when it comes to land or lot sizes, where exact measurements can be challenging to determine due to irregular shapes or boundaries.
Example Usage: Let’s say you come across a property listing that states “2,000 square feet MOL.” This means that the property is approximately 2,000 square feet, but the actual size may be slightly more or less than that figure.
Why is MOL Used in Real Estate?
Flexibility in Measurements: Real estate properties, especially land or lots, can have irregular shapes, boundaries, or encroachments. It can be difficult to determine precise measurements in such cases. By using MOL, real estate professionals allow for some flexibility in the measurements, acknowledging that the exact size may vary.
Legal Protection: Including MOL in property listings can also provide legal protection for real estate agents and sellers. It serves as a disclaimer, indicating that the measurements provided are not guaranteed to be exact. This helps prevent potential legal disputes if there are any discrepancies in the actual measurements.
Other Similar Terms Used in Real Estate
While MOL is a commonly used term in real estate, there are other similar terms that serve a similar purpose. These include:
Approx.: Short for “approximately,” this term is used when the exact measurement is not known but is estimated to be close to the stated figure.
+/-: This symbol is used to indicate a range of measurements. For example, a property listing might state “2,000 square feet +/- 100 square feet,” meaning that the property size can vary between 1,900 and 2,100 square feet.
Estimated: This term is used when the measurement provided is an estimation based on available information but may not be precise.
Conclusion
In summary, MOL stands for “More or Less” in the context of real estate. It is used to indicate that the stated measurement of a property or a specific feature is approximate and may vary slightly. By using MOL, real estate professionals allow for flexibility in measurements and provide legal protection. It is important for both buyers and sellers to understand this term when encountering it in property listings.
References
– Realtor.com: www.realtor.com
– Zillow: www.zillow.com
– Redfin: www.redfin.com
