Where cozy means tiny and charming means needs work.
Real estate euphemism for a building that's either foreclosed, about to be foreclosed, or looks like it should be condemned. The fixer-upper's troubled cousin who really needs an intervention.
Legal documents where sellers reveal known defects, issues, or stigmas about a property. It's where you learn that 'charming' means 'haunted' and 'original fixtures' means 'nothing works.'
A mortgage provision stating that the lender's title interest terminates once the loan is fully repaid. It's the legal version of 'when you pay me back, I promise to stop owning part of your house.'
The percentage of your gross monthly income that goes toward debt payments, used by lenders to determine if you can afford a mortgage. It's basically a mathematical judgment of your life choices.
The legislative process of changing zoning to allow less intensive land use, such as reducing permitted building height or density. It's how existing homeowners pull up the ladder behind them to prevent the neighborhood from changing.
How long a property has been listed before sale—the real estate equivalent of checking your expiration date.
A known problem the seller admitted upfront—the legally mandated 'surprise spoiler alert.'
A court order making borrowers personally liable for the difference between foreclosure sale proceeds and loan balance. The foreclosure wasn't punishment enough—now they want your other assets too.
A transaction where you simultaneously buy and sell properties, often used in wholesaling to hide profit margins from the actual buyer.
A lender's way of determining if you have too many bills relative to income, basically calculating how much of your paycheck goes to debt obligations.
A mortgage clause requiring full repayment when the property sells, preventing assumption of loans on favorable terms.
Legal documents that prove you own property and transfer that ownership from one person to another. Think of a deed as the property equivalent of a receipt, except way more important and filed at the courthouse.