Where cozy means tiny and charming means needs work.
A collaborative database where real estate agents list properties for sale, basically the internet before the internet made it all free.
The strategic division of land into distinct zones for different uses (residential, commercial, industrial). It's how cities prevent a nightclub from opening directly next to your bedroom—theoretically.
The waiting period lenders require after you acquire a property before you can refinance or apply for a cash-out loan—basically lenders' way of preventing immediate equity extraction.
A property listing where the owner sells directly without a real estate agent, proving that anyone can list a home but not everyone can sell one.
Rules governing what you can do with your property, proving that ownership is really more of a suggestion.
Renting with an option to purchase later, effectively allowing tenants to try homeownership before committing.
An offer with conditions that must be met—basically 'I'll buy this if it doesn't fall apart when I inspect it.'
Member of the Appraisal Institute—a prestigious professional designation for real estate appraisers. The PhD of property valuation, complete with extensive education and testing requirements.
The legal principle determining which agent earned the commission by initiating the uninterrupted chain of events leading to a sale. The real estate version of 'I called it first.'
A tax deduction method that spreads a property's cost evenly over its useful life (27.5 years for residential). The IRS's gift to real estate investors, assuming you can wait three decades.
Annual rental income divided by property cost, an investment metric that helps you understand if you're actually making money.
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.
Development expenses that aren't physical construction—architectural fees, permits, insurance, financing costs. The budget line items that mysteriously balloon while making your project more expensive without anything visible to show for it.
Loan-to-Value ratio—the percentage of the property's value you're borrowing, expressed as a percentage of the purchase price.
A lender's statement that you're probably creditworthy enough to borrow a mortgage, pending closer scrutiny.
A mortgage clause requiring full repayment when the property sells, preventing assumption of loans on favorable terms.
A mortgage servicer's account holding funds for property taxes and insurance, where your money sits earning nothing.
A public financing method using future property tax increases from development to fund current infrastructure improvements. Politicians love it because it looks like free money; critics note it's borrowing from tomorrow to pay for today, municipal style.
A person who owes more on their mortgage than their home is worth—financial drowning in suburbia.
The acquisition of property or title by paying money or equivalent value—the formal exchange where you stop dreaming and start owing payments. The moment your bank account cries.
A commercial lease where the tenant pays rent, property taxes, insurance, and maintenance—basically the landlord's retirement plan.
Legal documents that prove you own property and transfer that ownership from one person to another. Think of a deed as the property equivalent of a receipt, except way more important and filed at the courthouse.
An agent's version of market research, using comparable sales to estimate a property's value—less formal than an appraisal, equally debatable.
The inherited tradition, values, or status passed down through generations—basically, what your family claims you should be proud of. Can refer to actual property, cultural practices, or the burden of living up to great-grandma's reputation.