Where cozy means tiny and charming means needs work.
A financial forecast showing what a property could theoretically earn under perfect conditions with perfect tenants in a perfect world. The real estate equivalent of a dating profile.
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.
A contingency allowing sellers to accept backup offers and 'kick out' current buyers if they can't remove their contingencies fast enough. The real estate equivalent of keeping your options open while dating.
When you refinance your mortgage for more than you owe and pocket the difference, essentially using your house as a personal ATM. It's a way to access home equity while simultaneously increasing your debt and monthly payment—what could go wrong?
When the property seller acts as the bank because either the buyer can't get a traditional loan or the seller wants to collect interest payments. It's basically a handshake agreement with paperwork, beloved by people who can't qualify for mortgages and sellers who enjoy playing banker.
The rate at which available homes are sold in a specific market during a given time period. Think of it as the speed at which the market 'eats' inventory—crucial for determining whether you're in for a feeding frenzy or a slow dining experience.
A large, final payment due at the end of a loan term that covers the remaining principal balance. Named for its tendency to inflate your anxiety levels right before it's due.
Comparative Market Analysis—a report comparing similar properties to determine a home's market value. It's like Zillow's estimate, except prepared by an actual human who might know what they're doing.
The complete history of ownership transfers for a property from the original owner to the present. It's basically a property's family tree, except instead of embarrassing relatives, you're looking for liens and legal issues.
The glorious moment when underwriting has approved all conditions and you're authorized to actually close on the property. It's the green light you've been praying for after weeks of document requests.
The percentage of your gross monthly income that goes toward debt payments, used by lenders to determine if you can afford a mortgage. It's basically a mathematical judgment of your life choices.
When one agent represents both buyer and seller in the same transaction, creating a conflict of interest wrapped in a commission opportunity. It's like having the same lawyer represent both parties in a divorce.
A legal right allowing someone else to use part of your property for a specific purpose, like utility access or a driveway. It's basically permanent permission to trespass, enshrined in your deed.
Any claim, lien, or liability attached to a property that affects its title or value. Think of it as baggage, except instead of emotional issues, it's tax liens and utility easements.
A contract provision that automatically increases your offer above competing bids up to a maximum price. It's bidding war automation for people who enjoy financial anxiety.
A FEMA-designated area with specific flood risk levels that determine insurance requirements and costs. It's the government's way of telling you that 'waterfront property' might be more literal than you hoped.
The most profitable legal use of a property that's physically possible and financially feasible. It's why your residential lot might be worth more to a developer than your emotional attachment suggests.
A public notice that legal action affecting a property's title has been filed, essentially a warning sign that there's drama ahead. Latin for 'suit pending' and headaches imminent.
The charge lenders levy for processing your loan application and creating your mortgage. It's basically an admission fee to the debt party, typically 0.5-1% of the loan amount.
Private Mortgage Insurance—extra insurance you pay when your down payment is less than 20%, protecting the lender if you default. It's insurance that only benefits the bank while you foot the bill.
Upfront fees paid to the lender at closing to reduce your interest rate, where one point equals 1% of the loan amount. It's buying a discount on money you're borrowing—capitalism at its finest.
An agreement that freezes your mortgage interest rate for a specified period while you complete the purchase. It's financial stability in an unstable world, for 30-60 days at least.
A contractual right giving someone the first opportunity to purchase a property before the owner can sell to others. It's like a permanent dibs on real estate.
Buying property while leaving the existing mortgage in place under the original borrower's name. It's legally questionable, financially risky, and somehow still happens regularly.