The Coronado Home Glossary: Terms Explained as Questions and Answers

What does “Pre-approval” mean?

Before you tour seriously, a lender checks your documents and issues a letter that states how much you can likely borrow. It is not a loan commitment, but it makes an offer more credible than a casual pre-qualification.

What does “HOA and CC&Rs” mean?

An HOA is the organization that maintains a community’s shared spaces and enforces its rules. Members pay regular dues, and the association’s governing documents, called CC&Rs, can limit rentals, pets, parking and exterior changes. Local example: On the island, many condominium buildings and some communities have associations, so ask for the documents early.

What does “Months of supply” mean?

Divide homes for sale by monthly sales and you have months of supply. A market with a few months of inventory feels tight; one with many feels roomy. 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?

Zillow’s Home Value Index estimates the typical value of homes in the middle price tier of an area, smoothed and seasonally adjusted. It is not the price of any particular home. Local example: Zillow’s typical home value in Aug 2026 was $2,563,759 in ZIP 92118.

What does “Coastal zone and coastal development permits” mean?

In the coastal zone, a project may need a coastal development permit in addition to the usual building permit, issued by the city under its certified Local Coastal Program or by the Coastal Commission. Local example: Coronado has a Local Coastal Program, so projects in the coastal zone can need a coastal permit.

What does “Mills Act” mean?

The Mills Act is a state program that lets a city reduce the property tax on a designated historic property in exchange for a contract to preserve it. Participation and terms are up to each city. Local example: Coronado’s Community Development Department administers historic preservation and the Mills Act; ask the city whether a home is designated.

What does “ADU and junior ADU” mean?

An ADU is a second, complete living unit on a residential lot: it has its own kitchen and bath and can be a backyard cottage, a garage conversion or an attached unit. A junior ADU is a smaller unit within the existing house, up to 500 square feet. Local example: In Coronado, ADUs are regulated by Municipal Code section 86.56.105 and permitted by the Community Development Director.

What does “Proposition 19” mean?

Voters passed Prop 19 in 2020. It gave older, severely disabled and disaster-displaced homeowners a way to keep their tax base when they move within California, and it made it harder to pass a low tax base to children.

What does “Comparative market analysis (CMA)” mean?

A comparison of a home with similar nearby homes that recently sold, are pending or are on the market, used to suggest a listing or offer price. It is an agent’s opinion, not an appraisal. Rudy prepares a personal market report on request, with the sold and current homes closest to yours.

What does “Mello-Roos (community facilities district)” mean?

Also called a CFD, a Mello-Roos district lets a developer or city finance improvements through a special tax on the homes it serves. The amount and the end date vary by district, and both should be checked before you buy. The San Diego County Assessor publishes information on Mello-Roos; ask whether the address is in a district.

What does “Market temperature” mean?

Zillow’s index of how quickly homes are selling in an area compared with its own history, from cold to hot. It helps compare one ZIP code with another. Local example: ZIP 92118 read 41 in Aug 2026, against an average of 51 over the readings since 2018.

What does “Earnest money deposit” mean?

Money the buyer puts into escrow after an offer is accepted to show they mean it. It is not an extra cost, because it is credited at closing; whether it can be lost depends on the contingencies and deadlines in the contract.

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 “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?

The lender’s independent opinion of what a home is worth, based on its condition and recent nearby sales. It protects the lender’s collateral, and when it falls short of the price the deal usually needs a renegotiation, more cash or a different loan.

What does “Transfer Disclosure Statement” mean?

The TDS is a disclosure the seller signs about what they actually know: the roof, plumbing, additions, permits, neighborhood noise and other conditions. It supplements the buyer’s own inspections and does not replace them.

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?

Proposition 13’s core idea is the base-year value: the price at the last purchase or completion of construction. Yearly increases are capped at 2%, so the taxable value can lag far behind the market until the property sells again. Local example: For a typical ZIP 92118 home at $2,563,759, the 1% base tax would be about $25,638 a year, or roughly $29,483 with an assumed 0.15% for voter-approved charges. Real bills vary by address and by any special taxes.