Where cozy means tiny and charming means needs work.
What's left of your rental income after you pay all the boring stuff like taxes, maintenance, and insurance, but before debt service.
When buyer and seller fight over who gets the deposit if the deal falls apart—the worst kind of relationship counseling.
How long a property has been listed before sale—the real estate equivalent of checking your expiration date.
Someone meeting SEC wealth requirements ($200,000+ annual income or $1M+ net worth) eligible for private real estate securities—basically the rich kids' club.
The protective top layer of a building, or materials used to create it—essentially the difference between staying dry and renovating your furniture collection with water damage.
A steep cliff or slope, often created by erosion or military design, that looks menacing and makes hiking feel unnecessarily dramatic. Engineers love them; hikers hate them.
Loan-to-Value ratio—the percentage of the property's value you're borrowing, expressed as a percentage of the purchase price.
A person who owes more on their mortgage than their home is worth—financial drowning in suburbia.
An offer with conditions that must be met—basically 'I'll buy this if it doesn't fall apart when I inspect it.'
Recently sold similar properties used to determine market value, essentially determining price by analogy.
A mortgage servicer's account holding funds for property taxes and insurance, where your money sits earning nothing.
A loan exceeding conforming limits, charged higher rates and requiring pristine credit, the luxury tax of mortgages.
The projected value of a property after renovations, an educated guess that's frequently less educated than anticipated.
Renting with an option to purchase later, effectively allowing tenants to try homeownership before committing.
A mortgage with an interest rate that adjusts periodically, a financial arrangement that seems great until rates rise.
A mortgage clause requiring full repayment when the property sells, preventing assumption of loans on favorable terms.
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.
A lender's statement that you're probably creditworthy enough to borrow a mortgage, pending closer scrutiny.
An organization collecting monthly fees to maintain common areas and judge your life choices with shocking authority.
A measure, substance, or action that stops something bad from happening before it does—the 'ounce of prevention' approach to life's problems. Think prophylactic maintenance: fix it now so you're not crying later.
Real property consisting of the earth itself, minus the water—the immovable asset that everyone wants a piece of. The foundation of all real estate dreams and nightmares.
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.
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.