Where cozy means tiny and charming means needs work.
The deed section beginning with 'to have and to hold' that defines the extent of ownership being conveyed. Medieval legal poetry that survived into modern contracts for no good reason.
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.
The percentage of a property's value that's borrowed, calculated by dividing loan amount by appraised value or purchase price. The number that determines whether lenders think you're responsible or reckless.
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 metric comparing property income to debt payments, calculated by dividing net operating income by annual debt service. Commercial lenders worship this number, typically requiring 1.25 or higher to prove you can actually afford the loan.
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.
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 buyer's revenge for gazumping—lowering your offer just before closing when the seller is desperate and has likely already bought their next home. It's financial chicken played with people's entire lives.
The escape hatch in every smart buyer's offer—a contingency allowing them to back out or renegotiate if the inspection reveals the house is held together by hope and termites. It's the 'just kidding' clause of real estate.
A spreadsheet listing all tenants in a rental property along with their lease terms, payment history, and unit details—basically the property's financial DNA. It's the first thing savvy investors scrutinize when evaluating a deal.
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.
The master legal document that transforms a building from a single property into individual units that can be separately owned. It's the legal spell that lets you own apartment 3B without owning the whole building.
A loan where the borrower remains personally liable even after foreclosure if the property sells for less than owed. It's the lender's insurance policy that you can't just walk away.
A retail lease provision letting tenants break the lease or pay reduced rent if an anchor store closes or occupancy drops below a threshold. It's the commercial tenant's escape hatch from a dying mall.
Multiple Listing Service—a database where real estate agents share property listings and cooperate on sales. The original social network, except everyone's trying to sell you houses.
Annual net income divided by annual debt payments, basically whether you're making enough money to pay your mortgage.
A mortgage with an interest rate that adjusts periodically, a financial arrangement that seems great until rates rise.
The percentage of the sale price paid to agents—traditionally 5-6% split between buyer's and seller's agents because that's what we've always done.
Money a tenant pays upfront as insurance against property damage, which landlords often illegally keep while the tenant argues with lawyers.
Recently sold similar properties used to determine market value, essentially determining price by analogy.
The charge lenders levy for processing your loan application and creating your mortgage. It's basically an admission fee to the debt party, typically 0.5-1% of the loan amount.
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.
Any irregularity or claim that casts doubt on a property's ownership rights. It's like a storm cloud over your closing, except instead of rain, it's liens and legal disputes.