Where cozy means tiny and charming means needs work.
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.
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.
Real estate euphemism for a building that's either foreclosed, about to be foreclosed, or looks like it should be condemned. The fixer-upper's troubled cousin who really needs an intervention.
Recently sold properties used to determine market value, cherry-picked by whichever party needs to prove their point. The art of comparing apples to slightly different apples.
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 hybrid property that functions as both a condominium and a hotel, where owners can occupy their units part-time while renting them out through hotel operations. It's vacation ownership that pretends to be a legitimate investment strategy.
A form of property ownership where two or more parties hold equal, undivided interest with right of survivorship, meaning the property automatically transfers to surviving owners upon one's death. It's estate planning that bypasses probate court, assuming everyone stays friendly.
An agreement giving someone the right, but not obligation, to purchase property at a set price within a specified timeframe. It's essentially renting the opportunity to decide later, popular with investors who want to control property without owning it yet.
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.
An official map filed with the county showing how land is divided into lots, streets, and easements. It's the government-approved blueprint that prevents you from accidentally buying someone's driveway.
The percentage of rentable space sitting empty and generating zero income, serving as a referendum on your property's appeal and your pricing strategy. Low is good; high means you're bleeding money.
The actual square footage tenants can occupy and must pay for, excluding common areas, mechanical rooms, and structural elements. It's why your 'thousand square foot' office feels like eight hundred.
An illegal practice where someone collects rent on a property while intentionally not making mortgage payments, pocketing the difference until foreclosure. Real estate fraud with a countdown timer.
Personal letters from buyers to sellers describing their emotional connection to a property and why they should be chosen. Technically discouraged for fair housing reasons, but still ubiquitous.
A house built by a developer on speculation without a specific buyer lined up. Building it and hoping they will come—the real estate field of dreams.
Annual net income divided by annual debt payments, basically whether you're making enough money to pay your mortgage.
Property price divided by annual rental income, a quick valuation metric for income-producing properties.
A single building cleverly divided into two separate dwelling units, allowing property owners to live in one half while collecting rent from neighbors who share their walls. It's the real estate equivalent of having your cake and eating it too, assuming you don't mind hearing your tenant's TV through the drywall. In postal circles, it's also a fancy stamp cancellation, but nobody cares about that definition anymore.
A commercial lease where the tenant pays all property expenses including taxes, insurance, and maintenance in addition to base rent. Abbreviated NNN, it's the landlord's dream where they collect rent while you pay for literally everything else.
Living or occupying space without paying rent, either through arrangement, squatting, or as a benefit. In modern slang, it's also when someone or something occupies your thoughts constantly without deserving the mental real estate—like that embarrassing thing you said in 2015. The literal version is much less psychologically damaging.
An even more secretive version of a pocket listing, shared only with a select few high-net-worth clients. It's so exclusive that talking about it too loudly could violate the whole point.
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 formal document modifying the original contract, usually adding more work, more time, or more money—often all three. It's how contractors politely inform you that your 'simple request' will cost an additional $5,000. Change orders are proof that nothing is ever as simple as the original estimate suggested.