zonation

Definition

The strategic division of land into distinct zones for different uses (residential, commercial, industrial). It's how cities prevent a nightclub from opening directly next to your bedroom—theoretically.

Example Usage

The city's strict zonation laws meant the new tech headquarters had to be nowhere near the existing residential neighborhood.

Source: Common real estate and urban planning terminology

Related Terms

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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.

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quitclaim deed

A legal instrument transferring whatever ownership interest the grantor has, if any, without warranties or guarantees. It's the real estate version of 'here, take it, not my problem anymore,' offering zero protection to the recipient.

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clear to close

The glorious moment when underwriting has approved all conditions and you're authorized to actually close on the property. It's the green light you've been praying for after weeks of document requests.

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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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WAC

Walk-Away Cash—the net proceeds a seller receives after paying off mortgages, liens, commissions, and closing costs. It's the moment of truth when sellers discover whether they're taking home a check or writing one.

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shoe leather research

Old-school market analysis conducted by physically walking neighborhoods, talking to locals, and observing street-level details that data can't capture. It's what investors did before algorithms tried to tell us everything.

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