Where cozy means tiny and charming means needs work.
One one-hundredth of a percentage point, used to describe interest rate changes and fees without dealing with decimals. It's how mortgage professionals make 0.25% sound more important by calling it 25 basis points.
A personal note from buyers to sellers describing their emotional connection to the property and how they'll cherish it forever. They're increasingly discouraged or banned due to fair housing concerns, but still occasionally work to sway sentimental sellers.
A contract binding a buyer to an agent for a specific period, ensuring the agent gets paid even if the buyer tries to ghost them after months of work. It's basically a pre-nup for the house-hunting relationship.
A seller's request for all interested buyers to submit their absolute top offer by a deadline, usually because multiple lowballers are circling. It's the real estate version of 'final answer' from Who Wants to Be a Millionaire.
Someone who attends multiple open houses with no intention of buying, just enjoying free snacks and architectural tourism. They're often retired, bored, or working for a competing agent on reconnaissance.
A provision allowing an owner to sell individual parcels from a larger mortgaged property, common in land development. It's how developers avoid having all their eggs in one very large, very financed basket.
The soul-crushing process of moving farther from urban centers until home prices match your budget, trading your commute time for square footage. It's the reason some people spend three hours a day in traffic.
Government-mandated caps on rent increases, beloved by tenants and blamed by landlords for everything from peeling paint to climate change. Economics' most passionate debate in apartment form.
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.
A lease with predetermined rent increases at scheduled intervals, allowing tenants to budget for inevitable pain. The landlord's inflation hedge disguised as transparency.
Debt-to-Income ratio—the calculation that determines if you're financially responsible enough to borrow money, by comparing your debts to your income. It's how lenders mathematically judge your life choices.
A hybrid property that functions as both a condominium and a hotel, where owners can occupy their units part-time while renting them out through hotel operations. It's vacation ownership that pretends to be a legitimate investment strategy.
The chunk of cash you fork over upfront when buying property, proving you have skin in the game beyond just promises and good intentions. It's the financial commitment that separates dreamers from homeowners.
Strategies employed by lenders to avoid foreclosure when borrowers can't make payments, including loan modifications, short sales, or forbearance. The bank's damage control department.
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 final step where documents are signed, money exchanges hands, and you officially own a place you'll likely regret within five years.
The loan amount as a percentage of property value, essentially how much risk the lender is taking on your deal.
Property price divided by annual rental income, a quick valuation metric for income-producing properties.
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 legal right allowing someone else to use part of your property for a specific purpose, like utility access or a driveway. It's basically permanent permission to trespass, enshrined in your deed.
A contract provision that automatically increases your offer above competing bids up to a maximum price. It's bidding war automation for people who enjoy financial anxiety.
A final list of minor repairs or incomplete items that need addressing before closing on new construction. It's proof that even 'move-in ready' is aspirational.
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.
In real estate, it refers to the property and land you own; in legal terms, it's everything you leave behind when you die for relatives to argue over. Estate can mean anything from a sprawling mansion with manicured grounds to your accumulation of assets and debts that someone has to sort through. Basically, it's either where you live large or what lawyers divide up after you're gone.