Where cozy means tiny and charming means needs work.
The relationship status of a house that's been claimed but not yet closed, like being engaged but for property. Everyone holds their breath until closing, and there's always a chance someone gets cold feet.
The potential for future value appreciation or income growth in a property, typically based on improvements, market trends, or repositioning strategies. It's what optimistic investors see when everyone else sees a money pit.
The actual floor space a tenant can occupy, excluding common areas like lobbies and hallways. In commercial leases, this differs from rentable square footage through a multiplier that ensures you pay for space you can't actually use.
Property owned free and clear without mortgages, liens, or other claims—the real estate equivalent of being debt-free and loving it. Either you're wealthy, you inherited well, or you've been paying your mortgage since the Reagan administration.
The legal right to use and enjoy someone else's property without owning it, common in Louisiana and community property states. It's basically borrowing a house legally and permanently.
A person who owes more on their mortgage than their home is worth—financial drowning in suburbia.
A loan balance exceeding the property's current value—the mortgage industry's version of 'oops, we miscalculated.'