Where cozy means tiny and charming means needs work.
Living or occupying space without paying rent, either through arrangement, squatting, or as a benefit. In modern slang, it's also when someone or something occupies your thoughts constantly without deserving the mental real estateālike that embarrassing thing you said in 2015. The literal version is much less psychologically damaging.
Property that reverted to lender ownership after foreclosure, becoming the bank's problem instead of yours. These properties are the financial equivalent of returned merchandise.
Annual rental income divided by property cost, an investment metric that helps you understand if you're actually making money.
The protective top layer of a building, or materials used to create itāessentially the difference between staying dry and renovating your furniture collection with water damage.
A company that owns income-producing real estate, selling shares to investorsāreal estate for people who don't want to deal with actual property.
A licensed professional who represents buyers or sellers in property transactions and earns a commission (typically 5-6%) upon sale. They're part cheerleader, part negotiator, and 100% invested in closing the deal.
IRS taxation of previously claimed depreciation deductions when a property is soldāthe tax agency's way of clawing back your deductions.
A legal right to cancel a transaction within a specific timeframe, typically 3 business days for certain refinances. Your cooling-off period before the bank officially owns your soul.
A property owned by a lender after foreclosure because nobody bought it at auctionābasically the bank's accidental property. These often sell at discounts but come with inspection nightmares.
Filing a deed or other document at the county recorder's office, making ownership official in the eyes of the law.