Where cozy means tiny and charming means needs work.
A transaction where you simultaneously buy and sell properties, often used in wholesaling to hide profit margins from the actual buyer.
Any mortgage that doesn't meet Fannie Mae or Freddie Mac guidelines, whether due to size, property type, or borrower qualifications. It's the misfit toy of lending, typically more expensive and harder to get.
The art of determining property value for tax purposes, usually performed by a government official who will inevitably conclude your home is worth more than you claimed. This process involves evaluating comparable sales, property features, and market conditions to establish a taxable value. It's the reason your property tax bill keeps going up even when your neighborhood looks exactly the same.
The lucky individual or entity whose name appears on the property deed as the legal owner, meaning they get to pay all the taxes, insurance, and maintenance while everyone else admires their investment. This person has the legal right to possess, use, and transfer the property—along with the accompanying mortgage payments. Being a titleholder is basically having your name on the most expensive piece of paper you'll ever own.
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.
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.
In real estate and business, a condition that must be satisfied before a deal becomes final—essentially an escape hatch built into your contract. Common contingencies include financing approval, home inspections, or the buyer winning the lottery. It's the legal equivalent of saying 'I'm in, but only if...' and everyone agreeing to wait and see.
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 Federal National Mortgage Association, a government-sponsored enterprise that buys mortgages from lenders to increase housing market liquidity. Despite the folksy nickname, it's a massive financial entity that basically keeps the mortgage market from seizing up.
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 actual floor space a tenant can occupy, excluding common areas like lobbies and hallways. In commercial leases, this differs from rentable square footage through a multiplier that ensures you pay for space you can't actually use.
A performance metric showing the annual pre-tax cash flow divided by the total cash invested, expressed as a percentage. It's how rental property investors measure whether they're getting a decent return or just being a charity for tenants.
A contract binding a buyer to an agent for a specific period, ensuring the agent gets paid even if the buyer tries to ghost them after months of work. It's basically a pre-nup for the house-hunting relationship.
The painful difference between what a buyer offered and what the property actually appraised for, requiring either price renegotiation or the buyer coughing up extra cash. It's the financial buzzkill of hot markets where emotions outbid mathematics.
The window of time when buyers can inspect, investigate, and potentially back out of a deal without penalty. It's when you discover that 'vintage charm' actually means 'original 1950s electrical wiring that might kill you.'
A document signed by a tenant confirming the terms of their lease and that they have no disputes with the landlord, essentially a truth oath for real estate transactions. Lenders and buyers demand these to prevent tenants from later claiming secret side deals.
A financing technique where someone pays upfront to reduce the interest rate on a mortgage, either temporarily or permanently. It's like paying for a discount on your discount.
The final step where documents are signed, money exchanges hands, and you officially own a place you'll likely regret within five years.
The loan amount as a percentage of property value, essentially how much risk the lender is taking on your deal.
An informal assessment of how much a lender thinks you can borrow based on self-reported information—basically a lender's educated guess before they actually check anything.
The percentage of your gross monthly income that goes toward debt payments, used by lenders to determine if you can afford a mortgage. It's basically a mathematical judgment of your life choices.
A Fannie Mae renovation loan that lets you finance both the purchase and renovation costs in a single mortgage. It's for people who want to combine two stressful experiences into one convenient financial nightmare.
The government's constitutional power to seize private property for public use with compensation. Democracy's way of saying 'we love your land more than you do, here's some money, goodbye.'
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.