Turnkey

Definition

A property that's supposedly ready to move into without any work, assuming your definition of "no work" includes ignoring the builder-grade everything and carpet that's technically beige but spiritually defeated.

Example Usage

"The agent said it was turnkey. I turned the key and the doorknob came off in my hand. Poetic, really." - A literal-minded buyer

Related Terms

Advanced

sale-leaseback

A transaction where the property owner sells to an investor then immediately leases it back, converting ownership to rental while extracting equity. Corporate real estate's way of having your cake, selling it, then renting it back to eat it anyway.

🏠 Real Estate

Intermediate

teaser rate

An artificially low introductory interest rate that lures borrowers into adjustable-rate mortgages before jumping to its true, painful level. It's the 'free trial' of the mortgage world, and the subscription auto-renews at triple the price.

🏠 Real Estate

Intermediate

buildout

The process of customizing and constructing interior spaces to meet a tenant's specific needs, transforming empty commercial shells into functional offices, restaurants, or retail spaces. This construction phase involves everything from framing walls to installing specialized equipment, typically negotiated between landlords and tenants with someone inevitably paying more than expected. It's when architectural dreams meet contractor reality and budgets start sweating.

🏠 Real Estate

Intermediate

conforming loan

A mortgage that meets Fannie Mae and Freddie Mac's size and underwriting requirements, making it eligible for government backing. Essentially, it's a loan that colors inside the lines and gets rewarded with better interest rates.

🏠 Real Estate

Beginner

assess

The formal process of determining value, typically involving clipboards, spreadsheets, and someone walking around your property looking concerned. In real estate, it's how governments decide how much they can tax you; in business, it's how managers justify their existence by evaluating everything constantly. The corporate cousin of "let me take a look at that."

🏠 Real Estate

Intermediate

Assessed Value

The government's opinion of what your property is worth, used exclusively to calculate how much tax you owe. It's magically always high enough to maximize your tax bill but too low to impress your neighbors.

🏠 Real Estate

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