The Moving Glossary

When moving for the first time, or even for the second or third, the terms and lingo of the inspector, the real estate agent, and everyone else can be confusing. For a person who is relocating for the first time there could be some serious confusion that could quickly lead to frustration. Fortunately, all it takes is some simple definitions to decode the lingo of the real estate agent, the moving company, and everyone else.

The terms listed below are common terms and abbreviations one may come across in the process of moving:

Arbitration: This is a third party agency that exists solely to resolve any disputes between the mover and the moving company.

Bill of Lading: This is the official contract between the mover and the company for any transportation services rendered. This contract is legally binding.

Closing Costs: This refers to the miscellaneous expenses that are paid by both the buyer and the seller of the home. These expenses include such things as the brokerage commission, transfer taxes, title insurance, and many other costs. Closing costs are always paid at the end of any real estate buy.

Contingency: The term refers to the provision of an agreement that keeps the agreement from being legally binding until some sort of condition is met by either the buyer of the seller. A common example is the inspection of a home before the buyer purchases the home. This provision is designed to protect the buyer's investment and rights.

HVA: This is a High Value Article and is valued at being worth more than $100 per pound.

Interstate Move: A move where items are transported across state lines and is regulated by both the Federal Motor Carrier Safety Administration and the Department of Transportation.

Lock Box: a key-holding device often attached to a door or external wall of a home on the market. Allows real estate agents and professionals to gain access to a home in order to show it to the buyers. Usually this box only appears on empty properties.

PBO: Refers to Packed by Owner and these items will not be covered by the moving company should anything happen to them. Companies are only liable for the things they pack themselves.

Release Rate: A term that refers to the minimum amount a owner's items are valued at based on the guidelines of the federal and state governments. The amount is determined by weight and the going rate is usually $0.06 per pound per article.

Shipper: This is the person who is moving.

Shuttle: Shuttle services are used when items are too big or otherwise cannot be transported in the usual way. Shuttles often use trains to ship items across state lines.

SIT: Means Storage in Transit and refers to any shipment of items that would have a scheduled delay. This term often comes into play when the shipper is using a POD to ship their items across state lines.

Valuation: Since moving companies cannot offer actual insurance on your lost or stolen items they offer valuation instead. This type of 'insurance' allows the company to take on additional liability even after the Release Rate expires.

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