purchase

Definition

The acquisition of property or title by paying money or equivalent value—the formal exchange where you stop dreaming and start owing payments. The moment your bank account cries.

Example Usage

The purchase of the commercial property closed escrow last Thursday after months of inspections.

Source: Merriam-Webster via Free Dictionary API

Related Terms

Advanced

are

A metric unit of land area equal to 100 square meters—basically a tiny plot that real estate developers pretend doesn't matter when calculating density.

🏠 Real Estate

Intermediate

buyer broker agreement

A contract binding a buyer to an agent for a specific period, ensuring the agent gets paid even if the buyer tries to ghost them after months of work. It's basically a pre-nup for the house-hunting relationship.

🏠 Real Estate

Intermediate

deal fatigue

The emotional and mental exhaustion that sets in during prolonged negotiations, causing parties to make concessions just to end the process. It's why closing dates keep getting extended and everyone starts hating everyone else.

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entitlement

The legal right to develop land according to approved plans, secured through zoning approvals, permits, and regulatory compliance. Developers chase these permissions like dragons hoarding gold, because they dramatically increase land value.

🏠 Real Estate

Intermediate

seller financing

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.

🏠 Real Estate

Beginner

turnkey property

A property allegedly so perfect you could move in immediately with nothing but your keys and belongings. Spoiler: there's always something.

🏠 Real Estate

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