Where cozy means tiny and charming means needs work.
The annual reminder from your local government that you don't really own your home -- you're just renting it from the county with extra steps. Miss a payment and find out who the real landlord is.
A letter from a bank saying they'll probably lend you money, assuming nothing in your life changes between now and closing. It's a financial pinky promise that expires faster than milk.
A property for sale that's kept secret from the general public, like a speakeasy for houses. Only the agent's inner circle gets to know about it, which is definitely not exclusionary at all.
A fancier way of saying "price" that makes real estate agents feel like they're doing economics instead of sales. It adds absolutely nothing to the conversation except an extra word and a sense of sophistication.
A financial forecast showing what a property could theoretically earn under perfect conditions with perfect tenants in a perfect world. The real estate equivalent of a dating profile.
A rental fraud where scammers request post-dated checks for future rent, then cash them immediately or use the banking information for identity theft. It's why legitimate landlords now say 'no thanks' to your grandma's preferred payment method.
A final list of minor repairs or incomplete items that need addressing before closing on new construction. It's proof that even 'move-in ready' is aspirational.
The home where you live most of the year, receiving favorable tax treatment including capital gains exclusions and mortgage interest deductions. The IRS cares deeply about distinguishing this from your 'vacation home' to prevent creative accounting.
A type of zoning allowing flexible development within a defined area, mixing housing types, densities, and uses while preserving open space. PUDs let developers cluster buildings creatively instead of following rigid lot-by-lot rules.
The four horsemen of monthly housing payments: Principal, Interest, Taxes, and Insurance. It's the total amount you'll shell out each month to keep a roof over your head and the bank off your back.
The total acquisition cost of a multifamily property divided by the number of rental units, providing a quick metric for comparing deals. It's how apartment investors reduce complex investments to a single number they can text each other.
A euphemistic phrase suggesting the current owners maintain their property immaculately, or more cynically, that they've over-improved it beyond what the market will bear. Translation: someone really loves their home, possibly too much.
Private Mortgage Insurance—extra insurance you pay when your down payment is less than 20%, protecting the lender if you default. It's insurance that only benefits the bank while you foot the bill.
A surveyed map showing property boundaries, lots, streets, and easements in a subdivision, recorded with local authorities. The official drawing that proves your neighbor's fence is definitely on your lawn.
A fee charged for paying off a mortgage early, compensating lenders for lost interest income. It's the bank's way of punishing you for financial responsibility and denying them years of interest payments.
A method of property distribution in estate planning where a deceased heir's share passes to their descendants rather than being redistributed. Latin for 'please don't fight over my stuff when I'm dead.'
A discrete unit of land that can be bought, sold, or taxed as a single entity—essentially real estate Legos that local governments use to organize property ownership. It's the official way of saying "this chunk of dirt is yours" with legal boundaries, documentation, and the inevitable property tax bill. Not to be confused with the thing Amazon drops on your doorstep.
A legal doctrine where you can actually gain ownership of property by possessing it openly and continuously for a statutory period, essentially rewarding squatting with a deed. Also known as adverse possession, this concept turns 'finders keepers' into actual law, provided you're bold enough to act like you own something for long enough. It's the legal system's way of saying 'use it or lose it' to absentee property owners.
The apartment that sits on top of a building like a crown, usually inhabited by people who think elevators are for peasants. Originally just a shed attached to a building, it evolved into the ultimate flex in urban real estate—complete with panoramic views and price tags that require scientific notation. Because nothing says 'I've made it' like living where pigeons used to roost.
The theoretical rental income from a vacant unit that's factored into pro forma projections but not actually being collected. It's the imaginary money that makes cap rates look better on paper than they are in reality.
Upfront fees paid to the lender at closing to reduce your interest rate, where one point equals 1% of the loan amount. It's buying a discount on money you're borrowing—capitalism at its finest.
The increased value created when adjacent properties are combined into a larger, more useful parcel. It's the financial proof that sometimes the whole really is worth more than the sum of its parts.
Additional rent paid by retail tenants based on a percentage of their gross sales above a threshold, common in shopping centers. It's the landlord's way of ensuring they profit from your business success while you bear all the risk.
A contractual provision allowing agents to market properties privately before hitting the MLS, theoretically to preserve privacy but occasionally to preserve the agent's double commission. The VIP room of real estate.