Where cozy means tiny and charming means needs work.
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.
An acronym for East Downtown Houston, a neighborhood designation in Houston, Texas that real estate and locals use to pinpoint specific districts.
The disbursement of funds held in escrow upon satisfaction of contingencies, basically permission to finally relax.
A formal notice that a borrower has failed to make mortgage payments and is in breach—basically the bank's official 'we're really upset' letter. The beginning of the foreclosure process.
The binding contract between buyer and seller detailing price, terms, and conditions—basically the real estate relationship's prenup. Everything that matters is in this document.
A legal right allowing utility companies to access specific areas of your property for maintenance and repairs—basically the power company's legal right to invade your property occasionally. They own the right to use your land.
Prepaid interest charges (1 point = 1% of loan amount) used to buy down mortgage rates. The lender's way of letting you pay extra now to pay less later.
A property owned by a lender after foreclosure because nobody bought it at auction—basically the bank's accidental property. These often sell at discounts but come with inspection nightmares.
The timeframe during which buyers can have the property inspected and back out without penalty, the due diligence phase.
A hybrid agreement where you rent with the option to buy, basically rent-to-own for people who can't decide.
A small holiday dwelling, typically beachside and minimally furnished, where one escapes civilized society for a few days. Named after the composer, because apparently musical genius requires cramped coastal quarters.
Filing a deed or other document at the county recorder's office, making ownership official in the eyes of the law.
A temporary pause or reduction in mortgage payments for homeowners facing hardship, financial CPR for struggling borrowers.
A previously developed site now contaminated by industrial use or hazardous substances—basically real estate's version of a cautionary tale.
The number of housing units or people per unit of land, used by planners to describe everything from sprawling suburbs to vertical cities.
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.
Two consecutive real estate transactions on the same day, where the proceeds from one sale fund the down payment of another—basically financial whack-a-mole.
Features and facilities that make a property more attractive or livable, such as gyms, pools, or that one neighbor who actually maintains their lawn.
Money held at closing to secure future obligations like repairs that weren't completed—basically a hostage fund to ensure contractors actually finish their work.
The splitting of annual property taxes between seller and buyer based on ownership duration at closing—a mathematical exercise in dividing the tax burden.
When there are more homes for sale than buyers—a glorious rare moment when the leverage shifts to the person with the money instead of the one selling the asset.
A government claim on a property for unpaid property taxes—Uncle Sam's way of saying 'pay up or we're taking your house.'