Where cozy means tiny and charming means needs work.
A real estate agent's estimate of market value, less formal than an appraisal but more affordable—the appraisal's sketchy cousin.
An offer with conditions that must be met—basically 'I'll buy this if it doesn't fall apart when I inspect it.'
A commercial lease where the tenant pays rent, property taxes, insurance, and maintenance—basically the landlord's retirement plan.
An adjustment in property boundaries or a construction deviation from the original plan—basically 'whoops, we built it slightly wrong but we're calling it intentional.' Common in surveys and surveys.
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.
When a seller (usually a family member) sells a property below market value and treats the difference as a down payment gift. It's nepotism in real estate form, and the IRS has feelings about it.
The financial equivalent of a do-over, where you replace your existing mortgage with a new one, usually to snag a better interest rate or release equity you've built up. It's like refinancing's British cousin—same concept, fancier vocabulary. Homeowners often remortgage when their initial deal expires or when they need cash for renovations, though banks will happily charge you fees for the privilege of switching.
Property that reverted to lender ownership after foreclosure, becoming the bank's problem instead of yours. These properties are the financial equivalent of returned merchandise.
A listing agreement guaranteeing the agent gets paid commission regardless of who finds the buyer—even if it's you. It's the real estate equivalent of a no-compete clause, except you're competing against yourself.
A court order making borrowers personally liable for the difference between foreclosure sale proceeds and loan balance. The foreclosure wasn't punishment enough—now they want your other assets too.
Annual rental income divided by property cost, an investment metric that helps you understand if you're actually making money.
A mathematical object that's the fancy geometry version of a triangle or tetrahedron—basically the simplest shape you can make in any dimension. In real estate, sometimes used to describe a single, uncomplex property unit without fancy features or complications.
A shared database that real estate agents use to list and access properties for sale in their area. Think of it as the social network where agents gossip about every house on the market.
A loan exceeding conforming limits, charged higher rates and requiring pristine credit, the luxury tax of mortgages.
The moment when your total homeownership costs equal what you would have spent renting, making your purchase financially justified. It's the mathematical validation you desperately need after signing that mortgage.
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.
A middleman who shops your loan application to multiple lenders, theoretically saving you time and getting better rates. Sometimes actually does this.
A real estate investment fund where investors commit money before knowing which specific properties will be purchased. It's financial dating with a blindfold—what could go wrong?
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 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 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.
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.
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.