Where cozy means tiny and charming means needs work.
When a structure, improvement, or object from one property illegally extends onto a neighboring property. It's your neighbor's fence being three feet on your side, discovered precisely when you're trying to sell.
A listing agreement guaranteeing the agent gets paid commission regardless of who finds the buyer—even if it's you. It's the real estate equivalent of a no-compete clause, except you're competing against yourself.
When a buyer loses their earnest money deposit due to contract breach—the penalty for changing your mind with no valid excuse.
Funds deposited by a buyer to show serious intent to purchase—essentially a financial hostage held for good behavior.
A fraudulent scheme where someone strips a property's equity through inflated refinances or loans, leaving the owner with debt and negative equity.
The entity (typically a title company or real estate firm) responsible for holding the earnest money deposit in a trust account until closing. The referee who decides whose money it is if the deal falls apart.
The disbursement of funds held in escrow upon satisfaction of contingencies, basically permission to finally relax.
An acronym for East Downtown Houston, a neighborhood designation in Houston, Texas that real estate and locals use to pinpoint specific districts.
Money held by a neutral third party during a real estate transaction, because apparently neither buyer nor seller can be trusted alone.
Estimated Rental Value: the projected annual rent a property should command based on comparable properties. It's an estimate, which means it's frequently wrong.
A home equity line of credit where you borrow against your house's value—basically using your largest asset as an ATM.
A broker's agreement with a seller (or vice versa) to represent them exclusively, ensuring no other brokers can interfere. Also known as 'we're preventing you from shopping around.'