Where cozy means tiny and charming means needs work.
A surveyed map showing property boundaries, lots, streets, and easements in a subdivision, recorded with local authorities. The official drawing that proves your neighbor's fence is definitely on your lawn.
Properties available for purchase that aren't publicly listed on the MLS or advertised to the general public. These are deals found through networking, direct marketing, or knowing someone who knows someone—real estate's version of insider trading, but legal.
A fancy legal term for 'stuff that comes with the property,' particularly easements that transfer with the land rather than staying with the owner. It's the real estate equivalent of 'batteries included,' except it's more like 'right-of-way for your neighbor to cross your lawn included.' Lawyers love using this word to make simple concepts sound sufficiently billable.
A tenant who remains in possession of property after their lease expires without the landlord's permission. The houseguest who won't leave, except they're paying (or supposed to be paying) rent.
Someone who purchases property on behalf of another party who can't or won't reveal their identity, ranging from perfectly legal privacy plays to outright mortgage fraud. The real estate equivalent of a burner phone.
The legislative process of changing zoning to allow less intensive land use, such as reducing permitted building height or density. It's how existing homeowners pull up the ladder behind them to prevent the neighborhood from changing.
The property rights to use the vertical space above a parcel of land, which can be sold separately from the land itself. In dense cities, this lets you literally monetize thin air by selling the right to build above your property.
Money put down to show a seller you're serious about buying their property, essentially a financial hostage that says 'I mean business.' If you back out without a valid contingency, kiss that money goodbye.
The person who professionally determines how much your property is worth, usually arriving at a number that somehow disappoints everyone involved. These valuation wizards combine market data, property inspection, and mathematical formulas to tell you what someone might actually pay for your house—as opposed to what you think it's worth. They're basically the reality check between your dreams and the bank's willingness to lend.
The past-tense acknowledgment that a professional has officially determined your property's market value, often resulting in celebrations or tears depending on whose side you're on. This valuation becomes the gospel truth for lenders deciding how much money they'll actually give you. Getting appraised is like being graded on a test where the questions keep changing based on what your neighbor's house sold for.
A property marketing status indicating a listing will be active shortly, used to generate buzz and pre-market the property before it officially hits the MLS. It's the real estate equivalent of a movie trailer, complete with the same level of hype.
The physical structure and materials of a property, as opposed to the land or location. It's what contractors care about and what investors try to look past while focusing on cash flow.
The noble art of physically visiting comparable properties to verify that online photos haven't been taken with a fisheye lens from the ceiling. It's due diligence for agents who don't trust Zillow's measurements or the laws of physics.
A metric unit of land area equal to 100 square meters—basically a tiny plot that real estate developers pretend doesn't matter when calculating density.
A property combining residential, commercial, and sometimes industrial uses in a single project or neighborhood, embodying new urbanist principles. It's the 'you can live, work, and play here' development model that promises walkability while often delivering overpriced studios above chain restaurants.
Shared expenses for maintaining lobbies, parking lots, landscaping, and other communal spaces in commercial properties, billed proportionally to tenants. Abbreviated as CAM, it's where landlords demonstrate remarkable creativity in defining what counts as 'maintenance.'
A property tax based on the assessed value of real estate, meaning the more your property is worth, the more you pay. Latin for 'according to value,' or as homeowners call it, 'penalty for improvement.'
A tax-deferral strategy allowing investors to sell a property and reinvest the proceeds into another 'like-kind' property without immediately paying capital gains taxes. It's the IRS-approved version of kicking the can down the road.
A property or deal with unlimited upside potential and minimal apparent risk—usually too good to be true and named after the empty optimism of staring at a cloudless sky. It's what every syndicator claims they're offering before the inevitable thunderstorm.
Ownership of the right to use and occupy property for a specific time period under a lease, but not ownership of the land itself. You own the building but rent the ground—common in Hawaii and making zero sense everywhere else.
Ground Coverage Floor Ratio—the percentage of a lot covered by a building's footprint, regulating density and preserving open space. A municipality's way of preventing you from covering every square inch with structure.
Recently sold properties similar to yours that allegedly determine your home's value, though somehow the appraiser always picks the worst examples when you're selling and the best when you're buying. It's objective data filtered through suspiciously convenient selection.
A legal claim against a tenant's personal property for unpaid rent, giving landlords leverage beyond strongly worded emails. The grown-up version of keeping your roommate's stuff hostage.
Money you surrender to a landlord as insurance against your inevitable humanity—spilling wine, scuffing floors, or daring to hang pictures. In real estate, it's the upfront cash that proves you're serious about a property, which you'll spend the next decade trying to get back. Also serves as a landlord's retirement fund in 47% of rental agreements.