Where cozy means tiny and charming means needs work.
A legal document proving ownership of a property and detailing the owner's rights and responsibilities. Essentially a property's birth certificate, complete with all the drama of custody disputes.
A property ownership structure where multiple parties own fractional interests without survivorship rights, and each owner's share can be sold or mortgaged independently. It's perfect for groups who want to share property ownership but maintain complete autonomy.
A property purchased below market value where investors improve it to increase returns. A 'fixer-upper' with a business plan and investor-speak.
The entity (typically a title company or real estate firm) responsible for holding the earnest money deposit in a trust account until closing. The referee who decides whose money it is if the deal falls apart.
A written promise by a borrower to repay a loan at specified terms, serving as evidence of the debt. It's basically a formal IOU that a lawyer drafted.
A creditor agreeing to accept lower priority for repayment if the property is sold or foreclosed. Basically saying 'you can collect first, I'll wait in line.'
Insurance protecting the property structure against fire, wind, theft, and other physical damage. Lenders require it; it's paid via escrow every month.
Insurance the lender purchases on your behalf when you fail to maintain required coverage—like an insurance policy purchased in your name against your will.
A structurally questionable, humble shelter in an extraordinarily desirable location—basically a shack that's somehow worth millions because of the views, access, or mythology attached to its zip code.
Cumulative Days on Market—total time a property has been listed, including periods off-market and relisting. It's the zombie metric agents hope nobody notices.
A deceptive transaction where someone buys property on behalf of another person to hide the true buyer's identity—usually illegal and definitely unethical.
Lending practices that exploit borrowers through high rates, hidden fees, or complex terms—basically, the lender is the wolf and you're in an increasingly questionable deal.
The timeframe during which buyers can have the property inspected and back out without penalty, the due diligence phase.
The legal equivalent of handing over property with enough paperwork to build a small forest—officially transferring ownership through a binding, notarized document. When real estate is conveyed, the deed changes hands, lawyers get paid, and one party gets keys while the other gets regret or relief.
A formal written notification from a lender that a borrower has failed to meet loan obligations. The first scary letter that makes your stomach hurt.
The disbursement of funds held in escrow upon satisfaction of contingencies, basically permission to finally relax.
An informal estimate of how much a lender might loan you based on self-reported financial information—basically, 'maybe yes' before any real vetting.
A contract between a homeowner and a real estate agent that gives the agent the right to sell your house and keep a commission if anyone buys it.
A legal right to cancel a transaction within a specific timeframe, typically 3 business days for certain refinances. Your cooling-off period before the bank officially owns your soul.
The original purchase price plus improvements minus depreciation, used to calculate capital gains taxes. The IRS's favorite way to follow your every real estate move.
A metric unit of land area roughly the size of a small village or a very large parking lot (10,000 square meters to be precise). Beloved by environmentalists, real estate developers, and anyone trying to sound international at dinner parties.
A structure built into the sea or a large body of water to reduce wave force and protect a harbor, beach, or coastline from erosion. Can be made of concrete, rock, or other materials.
Insurance required by lenders when a borrower puts down less than 20%, protecting the lender (not the borrower) if you default. It's a tax you pay for not having enough money.
A mandatory document providing borrowers with loan terms and final costs before closing. It's the moment buyers realize they're paying thousands in fees they forgot about or didn't fully understand.