Where cozy means tiny and charming means needs work.
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.'
Co-ownership where each party owns a specific percentage share that can be sold or willed independently, without right of survivorship. The 'we own this together but I want out of this relationship' ownership structure.
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 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.
Freelance scouts who hunt for investment properties and tip off investors in exchange for a finder's fee. They're essentially real estate informants who get paid to sniff out deals before they hit the MLS.
The accelerated property deterioration and landlord exhaustion resulting from high-maintenance tenants, frequent turnovers, or challenging neighborhoods. It's the reason experienced landlords develop that thousand-yard stare.
A property requiring operational or physical improvements to increase its income and value, typically involving renovations, better management, or repositioning. It's the investment thesis that assumes you're smarter than the previous owner—sometimes correctly.
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.
A personal note from buyers to sellers describing their emotional connection to the property and how they'll cherish it forever. They're increasingly discouraged or banned due to fair housing concerns, but still occasionally work to sway sentimental sellers.
Someone who attends multiple open houses with no intention of buying, just enjoying free snacks and architectural tourism. They're often retired, bored, or working for a competing agent on reconnaissance.
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.
A formal eviction warning telling tenants to pay up, shape up, or get out. The landlord-tenant relationship's breakup letter, now with legal consequences.
Written proof that down payment money from family is a gift, not a loan, satisfying lenders' paranoia about hidden debts. The documented promise that Mom won't ask for it back.
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.
The real estate agent's crystal ball that uses nearby home sales to predict what yours might sell for. It's part science, part art, and part wishful thinking depending on who's paying for it.
A reduction or elimination of property taxes for a specified period, typically offered as an incentive for development or renovation in targeted areas. It's the government's way of bribing you to improve neighborhoods they've neglected.
A prepayment penalty on commercial loans calculated to ensure the lender receives their originally expected yield, even if you pay off the loan early. It's the financial equivalent of breaking up with your bank and having to pay damages.
The process of evaluating recently sold similar properties to determine market value, essentially treating home pricing like comparison shopping for toasters. It's the foundation of appraisals and every pricing strategy that claims to be data-driven.
Foreign Investment in Real Property Tax Act—IRS rules requiring withholding from foreign sellers of US real estate. Because Uncle Sam doesn't trust foreigners to voluntarily pay capital gains taxes after they've left the country with the money.
The loan amount as a percentage of property value, essentially how much risk the lender is taking on your deal.
Money withheld at closing to ensure the seller completes promised repairs or obligations—basically your insurance policy against seller disappearance.
Buying a property exactly as it is without repairs—the seller's way of saying 'don't say I didn't warn you.'
A legal document that controls how you use your property after you own it, basically the HOA's instruction manual from decades past.
A person who rents a property from a landlord and has more rights than you'd think, which landlords discover too late.