Where cozy means tiny and charming means needs work.
An agent's version of market research, using comparable sales to estimate a property's value—less formal than an appraisal, equally debatable.
A neutral third party handling funds in a 1031 exchange to maintain tax-deferred status—because the IRS trusts no one.
A commercial lease where the tenant pays rent, property taxes, insurance, and maintenance—basically the landlord's retirement plan.
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.
A three-unit residential property where three separate families live their best lives under one roof (sort of). Each unit is independently owned or leased, making it the Goldilocks of multi-family real estate—not as simple as a duplex, not as complex as a four-unit.
A mathematical object that's the fancy geometry version of a triangle or tetrahedron—basically the simplest shape you can make in any dimension. In real estate, sometimes used to describe a single, uncomplex property unit without fancy features or complications.
Alterations made to leased space to suit a tenant's specific needs—the landlord's way of proving they care (usually minimally).
A major retailer or business attracting other tenants and customers to a property—basically the cool kid that makes the location worth visiting.
An organization collecting monthly fees to maintain common areas and judge your life choices with shocking authority.
When a buyer loses their earnest money deposit due to contract breach—the penalty for changing your mind with no valid excuse.
An organization governing a residential community through bylaws and fees—where neighbors become your involuntary business partners.
A bossy word meaning based on rules or standards rather than what actually happens. In real estate law, it's the difference between 'this is how things should be done' versus 'this is how they're actually done'—very important for property rights and zoning regulations.
A hidden problem not visible during inspection—the property's way of saving embarrassing revelations for after you close.
A loan balance exceeding the property's current value—the mortgage industry's version of 'oops, we miscalculated.'
A company that owns income-producing real estate, selling shares to investors—real estate for people who don't want to deal with actual property.
Coverage for properties under construction against damage or loss—the construction equivalent of 'hope for the best, insure for the worst.'
A commercial lease where the landlord pays most operating expenses, with the tenant paying a fixed rent—the landlord's optimistic version of budgeting.
The time period a loan must be held before it can be sold or refinanced—basically the financial equivalent of letting wine age.
IRS taxation of previously claimed depreciation deductions when a property is sold—the tax agency's way of clawing back your deductions.
A legal document indicating that a mortgage has been fully paid and the lien removed—basically the lender's permission slip to celebrate.
A property listed for sale that remains unsold for an extended period—basically real estate's version of yesterday's news.
Funds deposited by a buyer to show serious intent to purchase—essentially a financial hostage held for good behavior.
Physical real estate or a tangible asset; what real estate agents spend 40% of their time showing you while you check your phone. The business of convincing people that paying $500k for a shoebox is 'an investment.'
A charming relic of industrial-era slum housing, where dozens of families were packed into a structure with approximately the square footage of a shoebox and the ventilation of a tomb. Modern usage: any crumbling, multi-unit rental building where the landlord spends exactly $0 on maintenance and somehow still charges premium rent.