Where cozy means tiny and charming means needs work.
The seller's way of telling you that your offer has competition, which may or may not be real but will definitely make you panic and overbid. It's the real estate equivalent of "other people are looking at this item right now."
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.
A property description system using distances (metes) and directions (bounds) to define boundaries, starting from a point of beginning and returning there. The most complicated way possible to say 'here's where your fence goes.'
A property combining residential, commercial, and sometimes industrial uses in a single project or neighborhood, embodying new urbanist principles. It's the 'you can live, work, and play here' development model that promises walkability while often delivering overpriced studios above chain restaurants.
The lender in a mortgage agreement—basically, the bank that owns your house until you finish paying them back over the next few decades. This party holds the security interest in your property and has the legal right to foreclose if you stop making payments, making them simultaneously your benefactor and potential nemesis. They're the reason you can buy a house now but also the reason you'll be sending checks until retirement.
A special loan where you borrow hundreds of thousands of dollars to buy a house, pledging that very house as collateral in case you can't pay it back—what could go wrong? This secured loan lets you own property now while spending the next 15-30 years paying for it, with the bank holding seizure rights until you make that final payment. It's the American Dream™, assuming your dream includes amortization schedules and interest calculations.
Property tax rate expressed in mills, where one mill equals one-tenth of one cent ($0.001). Because saying 'point zero zero one dollars' is apparently too straightforward for local governments.
A lease that gives the tenant the right to sublease the property to others, essentially making them a middleman landlord. It's landlording with training wheels, or a profit opportunity, depending on your perspective and local laws.
The tax rate used to calculate property taxes, expressed as dollars per $1,000 of assessed value. Because 'taxes per thousand' sounds friendlier than the actual tax bill.
Multiple Listing Service—a database where real estate agents share property listings and cooperate on sales. The original social network, except everyone's trying to sell you houses.
A legal claim against a property by contractors or suppliers who weren't paid for work or materials. It's revenge served cold by your deadbeat seller's unpaid roofer.
An informal assessment of how much a lender thinks you can borrow based on self-reported information—basically a lender's educated guess before they actually check anything.
A middleman who shops your loan application to multiple lenders, theoretically saving you time and getting better rates. Sometimes actually does this.
A collaborative database where real estate agents list properties for sale, basically the internet before the internet made it all free.
Member of the Appraisal Institute—a prestigious professional designation for real estate appraisers. The PhD of property valuation, complete with extensive education and testing requirements.
A shared database that real estate agents use to list and access properties for sale in their area. Think of it as the social network where agents gossip about every house on the market.
A subordinated loan that sits between first mortgage debt and equity in the capital structure, typically carrying higher interest rates and equity-like features. It's the compromise between debt and equity when a developer needs more money but can't get traditional financing.
The time period a loan must be held before it can be sold or refinanced—basically the financial equivalent of letting wine age.
The MLS—a database of properties for sale that real estate agents access to show clients and coordinate sales—basically, the master catalog of homes up for grabs.
A form of textile art created by knotting cord or rope in patterns to produce decorative items like wall hangings, plant hangers, and curtains, enjoying peak popularity during the 1970s bohemian movement. Macrame pieces are made entirely by hand using various knotting techniques.
Upfront payments to the lender that reduce your interest rate, banking on the assumption you'll keep the loan long enough to break even.
A casual entryway or small room, typically near an exterior door, designed for removing and storing muddy shoes, outerwear, and wet gear to keep the main living spaces clean.
A title so clear of defects that a buyer's lender will accept it without hesitation. It's the title equivalent of a perfect credit score.