Where cozy means tiny and charming means needs work.
A legal document indicating that a mortgage has been fully paid and the lien removed—basically the lender's permission slip to celebrate.
Physical real estate or a tangible asset; what real estate agents spend 40% of their time showing you while you check your phone. The business of convincing people that paying $500k for a shoebox is 'an investment.'
A framework of interwoven rods or branches, often plastered with mud or clay, used as a building material in traditional construction. The term can also refer to the fleshy, colorful appendage hanging from the head or neck of certain birds like turkeys or chickens.
A bossy word meaning based on rules or standards rather than what actually happens. In real estate law, it's the difference between 'this is how things should be done' versus 'this is how they're actually done'—very important for property rights and zoning regulations.
A three-unit residential property where three separate families live their best lives under one roof (sort of). Each unit is independently owned or leased, making it the Goldilocks of multi-family real estate—not as simple as a duplex, not as complex as a four-unit.
A property listed for sale that remains unsold for an extended period—basically real estate's version of yesterday's news.
A formal proposal to purchase a property at a specific price with certain conditions. Rejected offers are the real estate equivalent of getting ghosted, but with more legalese.
A loan where the lender's only recourse upon default is to seize the collateral (the property); they cannot pursue the borrower's other assets. Basically, the bank gets the house or nothing—making borrowers sleep better and lenders stress more.
A lease with predetermined rent increases at specific intervals rather than negotiated annually. Your landlord's way of automating inflation-based rent hikes.
A deed where the grantor guarantees they own the property and have the right to sell it, with warranties against prior claims. The safest deed type for buyers because it comes with legal backing.
A fraudulent scheme where someone strips a property's equity through inflated refinances or loans, leaving the owner with debt and negative equity.
The timeframe during which buyers can have the property inspected and back out without penalty, the due diligence phase.
A house style, common in colonial New England, characterized by two stories in front sloping down to one story in back, creating an asymmetrical roofline that resembles the shape of a salt container.
An organization collecting monthly fees to maintain common areas and judge your life choices with shocking authority.
The time required to fill vacant units in a newly constructed or recently acquired property with tenants. It's a landlord's test of patience measured in months and spreadsheets.
A property purchased below market value where investors improve it to increase returns. A 'fixer-upper' with a business plan and investor-speak.
A small kitchen or room in a house where dishes are washed and kitchen work is done, typically a subordinate or service area in larger households. Common in British domestic architecture, it sits between the main kitchen and other rooms.
A HELOC—a credit line backed by your home's equity that you can borrow from—basically, a second mortgage waiting to happen.
A commercial lease where the landlord pays most operating expenses, with the tenant paying a fixed rent—the landlord's optimistic version of budgeting.
IRS taxation of previously claimed depreciation deductions when a property is sold—the tax agency's way of clawing back your deductions.
A licensed professional who represents buyers or sellers in property transactions and earns a commission (typically 5-6%) upon sale. They're part cheerleader, part negotiator, and 100% invested in closing the deal.
A subordinated loan that sits between first mortgage debt and equity in the capital structure, typically carrying higher interest rates and equity-like features. It's the compromise between debt and equity when a developer needs more money but can't get traditional financing.
The process of pooling capital from multiple investors to acquire or develop a property, with returns distributed according to investor agreements. It's how real estate projects get funded when one person doesn't have $50 million lying around.
A contract between a property owner and a management company outlining services, fees, and responsibilities for operating and maintaining the property. It's the document that determines whether your landlord actually fixes your toilet in a timely manner.