Where cozy means tiny and charming means needs work.
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.
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 valuation metric for multifamily properties calculated by dividing price by number of units, because apparently 'per unit' wasn't jargony enough. It's the real estate equivalent of price per ounce.
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.
A preliminary environmental assessment investigating a property's potential contamination history through records review and site inspection, without actually testing soil or water. It's due diligence for avoiding EPA superfund surprises.
A metric that pretends all square feet are created equal, whether they're in a penthouse or a basement. It's the real estate version of judging a book by counting the pages without reading any of them.
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.
A soil test measuring how quickly water drains, crucial for determining if a property can support a septic system. Dirt's resume for its ability to handle your wastewater.
The legal principle determining which agent earned the commission by initiating the uninterrupted chain of events leading to a sale. The real estate version of 'I called it first.'
The extra compensation an agent receives when representing both buyer and seller, also called double-ending. Twice the work or twice the conflict of interest, depending on who you ask.
A designated parcel of land awaiting its destiny—whether that's a luxury condo, your aunt's garden, or the emotional arc of your favorite novel. In real estate, it's the canvas; in storytelling, it's the blueprint.
When borrowed money produces a higher return than the interest cost, making you look like a financial genius. It's the Holy Grail of real estate investing: using other people's money to make more money than you're paying them.
Either a technical drawing showing how something is built or designed (especially buildings viewed from above), or a set of coordinated actions intended to achieve a goal. Real estate agents live by these; architects obsess over them.
Insurance protecting the lender when you put down less than 20%, essentially punishing you for not being wealthy enough.
A lender's statement that you're probably creditworthy enough to borrow a mortgage, pending closer scrutiny.
A measure, substance, or action that stops something bad from happening before it does—the 'ounce of prevention' approach to life's problems. Think prophylactic maintenance: fix it now so you're not crying later.
The acquisition of property or title by paying money or equivalent value—the formal exchange where you stop dreaming and start owing payments. The moment your bank account cries.