burden

Definition

Any claim, lien, charge, or liability attached to property that diminishes its value or restricts its use—essentially the baggage your real estate comes with. These encumbrances can include mortgages, easements, restrictions, or unpaid taxes that follow the property regardless of who owns it. Think of burdens as the property's credit score problems that become your problems.

Example Usage

The gorgeous Victorian came with the burden of a historic preservation covenant requiring board approval for any exterior changes.

Source: Legal and real estate terminology

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The extra compensation an agent receives when representing both buyer and seller, also called double-ending. Twice the work or twice the conflict of interest, depending on who you ask.

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origination fee

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.

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batched showings

Scheduling multiple property viewings in rapid succession, typically in the same neighborhood, to maximize efficiency and minimize windshield time. It's speed dating for houses, and just as exhausting.

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recorded plat

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