Multiple Listing Service (MLS)

Definition

A collaborative database where real estate agents list properties for sale, basically the internet before the internet made it all free.

Example Usage

The property appeared on the MLS this morning and already has three showings scheduled.

Origin

Created in the 1970s as brokers needed a way to cooperatively share listings

Fun Fact

Over 90% of homes in the U.S. are listed on an MLS, making it the de facto standard.

Source: Real Estate Industry Standards

Related Terms

Intermediate

unencumbered

Property owned free and clear without mortgages, liens, or other claims—the real estate equivalent of being debt-free and loving it. Either you're wealthy, you inherited well, or you've been paying your mortgage since the Reagan administration.

🏠 Real Estate

Beginner

Move-In Ready

A listing claim meaning the house won't literally collapse when you walk through the door. The bar is on the floor, and the house has technically cleared it. Bring your own standards, because the seller already lowered theirs.

🏠 Real Estate

Advanced

whisper listing

An even more secretive version of a pocket listing, shared only with a select few high-net-worth clients. It's so exclusive that talking about it too loudly could violate the whole point.

🏠 Real Estate

Intermediate

refinance

The financial equivalent of asking for a do-over on your loan terms, usually when interest rates drop or your credit score finally recovers from that regrettable phase. Homeowners refinance to lower monthly payments or cash out equity, though the process involves enough paperwork to deforest a small country. It's basically breaking up with your current lender to find a better deal, except with closing costs.

🏠 Real Estate

Advanced

non-contingent offer

An offer with no escape clauses—no inspection, no appraisal, no financing contingencies. It's the real estate equivalent of skydiving without checking if there's a parachute in the backpack, popular in markets where desperation trumps common sense.

🏠 Real Estate

Advanced

title cloud

Any irregularity or claim that casts doubt on a property's ownership rights. It's like a storm cloud over your closing, except instead of rain, it's liens and legal disputes.

🏠 Real Estate

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