estate

Definition

In real estate, it refers to the property and land you own; in legal terms, it's everything you leave behind when you die for relatives to argue over. Estate can mean anything from a sprawling mansion with manicured grounds to your accumulation of assets and debts that someone has to sort through. Basically, it's either where you live large or what lawyers divide up after you're gone.

Example Usage

After her grandmother passed, settling the estate took eighteen months because nobody could agree on who should get the vintage china collection.

Source: Common real estate and legal terminology

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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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Under Contract

The relationship status of a house that's been claimed but not yet closed, like being engaged but for property. Everyone holds their breath until closing, and there's always a chance someone gets cold feet.

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