Comp (Comparable Sale)

Definition

A recently sold property similar to your target property, used to determine fair market value. Real estate agents use them to justify why your home is definitely worth exactly what you want it to be worth.

Example Usage

We found three solid comps in the neighborhood, all sold within the past 6 months.

Origin

Short for 'comparable sales,' standard appraisal terminology

Fun Fact

Comps must be truly comparable: same neighborhood, similar size, recent sale—not your cousin's house two towns over

Source: Appraisal Standards Board methodology

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assignment of contract

The legal sleight of hand where a buyer transfers their purchase contract to another buyer before closing, often used by wholesalers who never intended to own the property. It's contract flipping without the renovation show.

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prescription

A legal doctrine where you can actually gain ownership of property by possessing it openly and continuously for a statutory period, essentially rewarding squatting with a deed. Also known as adverse possession, this concept turns 'finders keepers' into actual law, provided you're bold enough to act like you own something for long enough. It's the legal system's way of saying 'use it or lose it' to absentee property owners.

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Property Flip

Buying a property, renovating it, and quickly reselling for profit. A high-risk strategy that only works in appreciating markets and when unexpected costs don't destroy margins.

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The amount of land your property sits on, which matters a lot until you realize most of it is a setback you can't build on anyway. It's the real estate equivalent of buying a large popcorn that's mostly air.

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tenant at sufferance

A fancy legal term for someone who's overstaying their lease like an unwelcome houseguest who won't take the hint. They're technically trespassing but haven't been officially evicted yet, existing in a legal limbo of awkwardness.

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