Where cozy means tiny and charming means needs work.
A periodic payment made by a tenant to a landlord in exchange for the right to occupy a property, typically a house or apartment. Can also mean a tear or split in material.
A small, squalid, or poorly constructed dwelling; a humble cottage or hut, often associated with poverty or rural simplicity. The term carries connotations of disrepair or meager living conditions.
A bed filled with water instead of traditional springs or foam, heated by an electric thermostat, and marketed in the 1960s-1980s as a revolutionary comfort innovation and status symbol. Waterbeds required special maintenance and were prone to leaks and motion sickness in some users.
A warm, dark golden-yellow color popular in home furnishings and appliances during the 1970s, often paired with avocado green and harvest orange to create an earthy, warm aesthetic. Harvest gold represented the decade's desire for warm, nature-inspired tones.
The ongoing expenses required to maintain a property while it generates no income, including taxes, insurance, utilities, and maintenance. Money leaving your pocket while nothing comes in.
Ownership that can be terminated if certain conditions occur, such as a property reverting to the original grantor if used for purposes other than intended. It's real estate with an expiration date.
The price at which a property was originally purchased, used as a baseline for calculating appreciation and capital gains. It's the number that makes homeowners cry when comparing to today's market.
The profit realized when selling an asset for more than its purchase price. Uncle Sam would very much like a piece of this, thank you very much.
A legal claim on a property filed by contractors or suppliers who weren't paid for work or materials. It's the construction industry's version of 'I'm not leaving until you pay me.'
A property that's so deteriorated, abandoned, or problematic that it's considered a nuisance to the neighborhood. Think 'fixer-upper' but worse—significantly worse.
A restriction on how property can be used, often originating from historical deed language or neighborhood associations. It's basically a legal way for dead people to control your choices.
The aspirational number sellers put on their property, which bears little resemblance to what they'll actually accept.
A real estate contract where both the buyer and seller make binding promises (as opposed to one-sided). The standard type of purchase agreement where everyone's obligated and everyone's nervous.
The person or entity receiving property rights through a deed—basically, the buyer in a real estate transaction. The happy person at closing.
Gross Commission Income—what real estate agents use to calculate how much commission they're making on your life-changing transaction.
A title so clear of defects that a buyer's lender will accept it without hesitation. It's the title equivalent of a perfect credit score.
The land under your house, measured in square feet and scrutinized obsessively by buyers wondering if there's enough room for that pool they'll never build.
The primary mortgage that gets paid first if everything goes sideways, making it the Scrooge McDuck of debts.
A property listed at an aggressively low price to generate buzz and multiple offers, a strategy that often works a little too well.