Plain English

Ocean View Hills Real Estate Glossary

Sixteen terms for buying or selling in Ocean View Hills, grouped by topic and defined in plain English, with local examples and current numbers.

Updated October 2026 · Rudy Flores · Coldwell Banker West

Buying or selling in a planned community brings words that the rest of the market rarely uses: master association, special tax, base-year value. This glossary explains them in plain English, grouped by topic.

The terms at a glance

ADU and junior ADU · Appraisal · Base-year value (Proposition 13) · Closing costs · Contingency · Earnest money deposit · Escrow · HOA and CC&Rs · Market temperature · Months of supply · Natural Hazard Disclosure · PCOR and the homeowners’ exemption · Pre-approval · Share of listings with a price cut · Transfer Disclosure Statement · Typical home value

Money and loans

Earnest money deposit: 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.
Appraisal: 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.
Pre-approval: 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.
Closing costs: The fees due at closing on top of the down payment: loan charges, title and escrow fees, recording fees, and prepaid taxes and insurance. The Loan Estimate and the Closing Disclosure list them line by line.
Base-year value (Proposition 13): The taxable value California sets when a property is purchased or newly built, usually the purchase price. Under Proposition 13 it can rise by no more than 2% a year until the next change of ownership. The base tax is about 1% of it, plus voter-approved local charges.
Local example: For a typical ZIP 92154 home at $750,299, the 1% base tax would be about $7,503 a year, or roughly $8,628 with an assumed 0.15% for voter-approved charges. Real bills vary by address and by any special taxes.

Paperwork and disclosures

Escrow: Think of escrow as a referee holding the ball. The buyer’s deposit, the loan funds, the deed and the written instructions all sit with an escrow officer, who pays the bills and records the sale only when the contract’s conditions are satisfied.
Contingency: A condition in the purchase contract that lets the buyer cancel and keep the deposit if it is not met, most often for the home inspection, the appraisal, the loan approval and the review of disclosures. The standard California contract commonly gives about 17 days for these.
Transfer Disclosure Statement: 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.
PCOR and the homeowners’ exemption: Two small forms with lasting effect: the PCOR, filed at closing so the county can reassess, and the homeowners’ exemption claim, which cuts $7,000 from the taxable value of a primary residence.
Natural Hazard Disclosure: 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.

The property and the neighborhood

HOA and CC&Rs: 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: Planned communities such as Ocean View Hills often have a master association as well as neighborhood ones, so ask which apply to the home.
ADU and junior ADU: 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: In the City of San Diego, the ADU regulations and the Bonus ADU program apply.

Reading the market

Months of supply: 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 19, 2026, the San Diego metro area (San Diego–Chula Vista–Carlsbad) had 3.4 months of supply.
Typical home value: 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 $750,299 in ZIP 92154.
Share of listings with a price cut: The share of active listings that have reduced their asking price. A rising share often means sellers are adjusting to what buyers will pay.
Local example: In ZIP 92154, about 23% of listings had a price cut in Aug 2026.
Market temperature: 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 92154 read 64 in Aug 2026, against an average of 83 over the readings since 2018.

A note on what this is

These definitions describe general California practice in plain English. Contracts, forms and rules change and differ by case, so confirm details with your lender, the escrow officer, the county and a licensed advisor. Rudy Flores is a licensed real estate agent (CalDRE #02257808) with Coldwell Banker West, not an attorney or tax professional. Market numbers come from Zillow Research and Freddie Mac and are dated on the page.

Keep exploring

Market reports — Current numbers for the ZIP code.
Closing cost estimator — Estimate the cash to close.
Ocean View Hills owner guide — Buying, owning and selling.
Prop 13 and Mello-Roos — How the bill works.
Zoning and permits — Planning a project.

Talk to a lender. Rates, loan programs and approvals come from lenders, not from websites or real estate agents. Talk to your own mortgage broker, or use our preferred lender, Point Mortgage Corporation (NMLS #231073), at (619) 475-4095. You are always free to choose any lender you like, and you can verify any lender’s license at nmlsconsumeraccess.org.

Sources

General information for orientation, not legal, tax, financial or appraisal advice. Details change; confirm anything that matters with the official source, your lender and your agent.