Where cozy means tiny and charming means needs work.
Any claim, lien, or encumbrance that impairs the property's title and creates doubt about legal ownership. Like a stain on your property's permanent record that needs bleaching before you can sell.
A mortgage provision stating that the lender's title interest terminates once the loan is fully repaid. It's the legal version of 'when you pay me back, I promise to stop owning part of your house.'
The right to obtain full ownership of property while legal title remains with another party, typically during a purchase contract or land contract period. You get to act like the owner before you technically are.
Full Interest Assumption—when a buyer takes over the seller's existing mortgage with full lender approval, including qualifying based on creditworthiness. The respectful way to inherit someone else's loan terms.
Ground Coverage Floor Ratio—the percentage of a lot covered by a building's footprint, regulating density and preserving open space. A municipality's way of preventing you from covering every square inch with structure.
A deed conveying property with implied warranties that the grantor owns the property and hasn't already sold it to someone else. The 'I'm pretty sure this is mine to sell' document.
A tenant who remains in possession of property after their lease expires without the landlord's permission. The houseguest who won't leave, except they're paying (or supposed to be paying) rent.
Property rights of landowners whose property borders large navigable lakes or oceans, governing use of water and shore access. Like riparian rights' fancy coastal cousin who summered in the Hamptons.
Property tax rate expressed in mills, where one mill equals one-tenth of one cent ($0.001). Because saying 'point zero zero one dollars' is apparently too straightforward for local governments.
A loan secured only by collateral, where the lender cannot pursue the borrower's other assets if the property is insufficient to cover the debt. The 'take the house and leave me alone' mortgage.
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.'
The discriminatory practice of denying services (especially loans) to residents of certain areas based on racial or ethnic composition. The shameful legacy that shaped American cities and whose effects persist decades after being outlawed.
Someone who has traded the freedom of renting for the privilege of paying property taxes, fixing broken toilets at 2 AM, and obsessing over lawn care. Technically owns a house, but in reality, is owned by a mortgage, maintenance costs, and the HOA. The American Dream™ in human form.
The minimum fixed rent amount in a commercial lease before any additional charges like utilities, insurance, or common area maintenance are tacked on. It's the starting point before your landlord creatively explains why you owe much more.
A single loan that covers multiple properties, popular with developers and investors who find getting individual mortgages tedious. It's the financial equivalent of buying in bulk, often with a release clause letting you sell properties individually.
Additional cash or property value included in a 1031 exchange to equalize the values being swapped, which unfortunately becomes taxable income. Named perfectly for something that kicks you right in the tax deferral strategy.
A contract giving one real estate agent the sole right to sell a property for a specified period, even if the owner finds a buyer independently. It's monogamy for real estate, and the agent gets paid regardless of who does the actual work.
The ratio of total building floor area to the size of the land parcel, expressed as a decimal that determines building bulk. A FAR of 2.0 means you can build twice the square footage of your lot, just stack it up.
The Federal Home Loan Mortgage Corporation, Fannie Mae's government-sponsored sibling that also purchases mortgages to stabilize the housing finance system. Together they're like the Batman and Robin of mortgage liquidity, if superheroes needed periodic taxpayer bailouts.
A short-term, high-interest loan from private investors secured by property rather than creditworthiness, typically used by house flippers who need fast cash. It's called 'hard money' because of the asset-based collateral and the hard hit your wallet takes from those interest rates.
A governing body in planned communities with power to enforce rules, collect fees, and potentially foreclose on properties for violations. Abbreviated as HOA, it's democracy's revenge where your neighbors vote on your mailbox color.
A property valuation method based on the income stream it generates, using capitalization rates to convert annual income into present value. It's how commercial properties are valued, where buildings are essentially money-printing machines worth whatever those dollars command.
A legal entity holding title to real property with beneficiaries maintaining actual control and benefits of ownership, often used for privacy and estate planning. It's property ownership's invisibility cloak, keeping your name off public records.
A property combining residential, commercial, and sometimes industrial uses in a single project or neighborhood, embodying new urbanist principles. It's the 'you can live, work, and play here' development model that promises walkability while often delivering overpriced studios above chain restaurants.