There is a rich terminology with plenty of acronyms that you may hear or read with every relocation process. Normally, some of them would be more common in documentation while others are a bit informal. To understand them, this relocation glossary will break down a few of the most used terms in the relocation industry.
Relocation glossary – alphabetically
“As Is” Condition: the current condition of the estate without any further repairs or adjustments. In other words, the estate is selling on the principle “what you see is what you get”.
Adjustable-Rate Mortgage (ARM): mortgage loans with usually, but not necessary, a six-month adjustment of interest rates.
Agent: salesperson with a license who represents and helps a buyer or a seller of property.
Agreement of Sale: a contract in writing between a buyer and a seller that finalizes the sale.
Air Freight: method of transporting goods and shipments by air.
Bill of Lading: an important document that serves as a shipping contract between the mover and the customer. It also serves as the receipt for a movers’ belongings.
Broker: an individual with the license, that acts as an agent for the negotiating side. Usually, has more training and education than an agent.
Carrier: in this case, the provider of transportation services for your household goods.
Cash on Delivery (C.O.D.): generally, a payment request at the time of delivery for items heading to the final destination.
Condominium: usually, it’s a complex of residential housing units where each unit has an individual owner. Also, other parts of the complex are in shared ownership, like gardens, backyards, elevators, and such.
Deductible expenses: the expenses that are included in taxable income. For which, you may have entitlement to claim a federal or state tax deduction.
Department of Transportation (DOT): the federal agency that governs the interstate transportation industry. Widely, this includes movers of household goods.
Door-to-door: a service that covers the entire process. Mostly, from the exit door or starting point to the entry door or final point.
Do it yourself move (DIY move): a move where you deal with the entire process without the third-party helpers. Sometimes, not recommendable.
Estimates: In this case, the cost of relocation estimates. Usually depends on several factors like distance, weight, and additional service you require. There are two types of estimates: Binding and non-binding. To completely understand them, you can easily find additional info about this type of estimate.
Flight of stairs: the additional fee that accounts if movers need to carry your items by difficult stairs.
Full replacement value: The amount of money it needs to replace an item damaged during relocation. Ordinary, it does not depend on the age of the item.
Guaranteed pickup and delivery service: a service where you are guaranteed the date of arrival of the items. Usually, movers offer compensation for delays.
Home inspection: a report from the appropriate and licensed evaluator about the condition of a property.
Household Goods (HHG): a way of addressing household belongings that are being moved.
High-value article: usually, items in shipment which have the value equal to or greater than $100 per pound of weight.
Intrastate relocation: relocation within the state lines, but further than 30 miles radius.
Interstate relocation: relocation outside of the state borders.
Inventory: a complete and comprehensive list of items for relocation. Routinely with more details like the number of items and their condition.
Local relocation: relocation within a 30-mile radius in general.
Lump-Sum: a relocation program where an employer provides fixed compensation for its employees to relocate.
Main perils: Insurance company terminology about the loss due to fire, accident, or theft causes. However, not all perils are included in the insurance company’s policies.
Master Moving Guide: a specially designed database of information and guides about how and where to find the right movers.
Ocean Freight: Method of transporting goods and shipments by oceans and seas.
Packing service: an additional service provided by the moving company to pack all your belongings.
Peak season rates: rates at which moving company charges their services. They are frequently accounted for during the summer months.
Pickup and delivery charges: fees the company will usually charge for transporting goods between temporary storage and the residence.
Pre-qualification: A process where a loan requester is positively or negatively assessed for obtaining a mortgage loan.
Real estate tax: A real estate property tax assessed by the local government.
Released value coverage: liability for the shipment interstate movers are required to assume. The rate is $0.60 per pound and is usually good for furniture with low value.
Relocation package: the package of benefits a company provides for its employees for moving.
Renters: overall, anyone who rents a place as a residence or property for doing business.
Request for a quote: relocation pricing information request.
Short-term housing: non-permanent housing options. In reality, practical for those who are between the sale of their home and moving to a new home.
Shuttle Service: Use of a smaller moving vehicle when the condition doesn’t allow the usage of large ones.
Storage: a place to store your belongings in storage facilities. It can also be short-term or long-term. Usually, it can come in combination with moving services.
Storage-in-transit (SIT): Temporary warehouse storage of shipments that awaits for further transportation.
Tariff: these are carrier’s rates, rules, and charges regarding your shipment. Above all, movers are obliged to provide a copy of the tariff to their customers.
Utilities: generally, a telephone, electricity, gas, water, and other services you acquire from utility companies.
Veterans Administration: the federal government agency. It guarantees a portion mortgage for qualified veterans and service personnel of the United States Armed Forces.
Weight ticket: listing of weight differences of the van before and after the shipment is loaded.
Warehouse handling: an additional charge applicable for providing storage-in-transit service. On the whole, it’s compensation for the physical placement and removal of items within warehouses.
Zoning Ordinances: these are building codes and regulations of land usage. They are, accordingly, established by the local government’s laws.
To conclude, there are many other less common terms in use. But, with this relocation glossary, you will become familiar with moving terms and confusing terminology. In general, it will make your relocation easier and simpler. Especially when it comes to the moving documents.