Where cozy means tiny and charming means needs work.
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 property advertised for sale or rent, typically appearing on real estate websites and the Multiple Listing Service (MLS). The digital equivalent of a 'for sale' sign, but with better analytics.
A formal proposal to purchase a property at a specific price with certain conditions. Rejected offers are the real estate equivalent of getting ghosted, but with more legalese.
A provision allowing a borrower to terminate a mortgage by substituting government securities with the same cash flow as the remaining loan payments. It's essentially swapping your mortgage debt for Treasury bonds.
A contract between a property owner and a management company outlining services, fees, and responsibilities for operating and maintaining the property. It's the document that determines whether your landlord actually fixes your toilet in a timely manner.
The time period a loan must be held before it can be sold or refinanced—basically the financial equivalent of letting wine age.
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.
A property ownership structure where multiple parties own fractional interests without survivorship rights, and each owner's share can be sold or mortgaged independently. It's perfect for groups who want to share property ownership but maintain complete autonomy.
A property purchased below market value where investors improve it to increase returns. A 'fixer-upper' with a business plan and investor-speak.
A deed where the grantor guarantees they own the property and have the right to sell it, with warranties against prior claims. The safest deed type for buyers because it comes with legal backing.
IRS taxation of previously claimed depreciation deductions when a property is sold—the tax agency's way of clawing back your deductions.
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.
Recently sold properties similar to the subject property in location, size, and condition, used to estimate fair market value. Appraisers cherry-pick comps like they're selecting the best fruit at the farmer's market.
The time required to fill vacant units in a newly constructed or recently acquired property with tenants. It's a landlord's test of patience measured in months and spreadsheets.
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.
A transaction where the seller of a property immediately becomes the tenant, leasing it back from the new owner. Selling your property but refusing to really leave.
A lease with predetermined rent increases at specific intervals rather than negotiated annually. Your landlord's way of automating inflation-based rent hikes.
A legal document proving ownership of a property and detailing the owner's rights and responsibilities. Essentially a property's birth certificate, complete with all the drama of custody disputes.
A written promise by a borrower to repay a loan at specified terms, serving as evidence of the debt. It's basically a formal IOU that a lawyer drafted.
A loan structure where borrowers pay only interest for a specified period before principal repayment begins. It's great for cash flow in the short term until the balloon payment hits and reality sets in.
A structurally questionable, humble shelter in an extraordinarily desirable location—basically a shack that's somehow worth millions because of the views, access, or mythology attached to its zip code.
A fraudulent scheme where someone strips a property's equity through inflated refinances or loans, leaving the owner with debt and negative equity.
A creditor agreeing to accept lower priority for repayment if the property is sold or foreclosed. Basically saying 'you can collect first, I'll wait in line.'
A structurally questionable dwelling in an absurdly desirable location—where the ramshackle building itself is nearly worthless, but the land, views, and prestige make it wildly expensive. You're paying millions for the dirt and mythology, not the actual shelter.