Where cozy means tiny and charming means needs work.
A fancy architectural and legal term for "exit" or "way out," used by people who think "door" sounds too pedestrian. It's particularly important in building codes and real estate, where proper egress can mean the difference between passing inspection and violating fire safety regulations. Essentially, it's the escape route that lawyers and architects prefer to call by its Latin-derived name.
Property improvements limited to aesthetic updates like paint, flooring, and fixtures without addressing structural or mechanical systems. It's the difference between a facelift and actual surgery.
Ground Coverage Floor Ratio—the percentage of a lot covered by a building's footprint, regulating density and preserving open space. A municipality's way of preventing you from covering every square inch with structure.
Ownership of the right to use and occupy property for a specific time period under a lease, but not ownership of the land itself. You own the building but rent the ground—common in Hawaii and making zero sense everywhere else.
Money put down to show a seller you're serious about buying their property, essentially a financial hostage that says 'I mean business.' If you back out without a valid contingency, kiss that money goodbye.
Additional cash or property value included in a 1031 exchange to equalize the values being swapped, which unfortunately becomes taxable income. Named perfectly for something that kicks you right in the tax deferral strategy.
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.
A property tax based on the assessed value of real estate, meaning the more your property is worth, the more you pay. Latin for 'according to value,' or as homeowners call it, 'penalty for improvement.'
A market study estimating how long it would take to sell all available properties in a given area at the current sales pace. Real estate developers use this to determine if building 500 new condos will flood the market or fill a genuine need.
Zoning rules dictating the minimum distance a building must sit from property lines, streets, or other structures, preventing neighbors from building right up to your fence line. It's mandatory personal space for properties.
A legal claim on someone's property that says 'you owe me money, and I'm holding this hostage until you pay up.' These financial handcuffs ensure creditors get paid before you can sell or refinance. Think of it as a sticky note from the law that won't come off until the debt is settled.
In real estate and finance, a contract that gives you the right but not the obligation to buy or sell something at a predetermined price, essentially letting you call dibs with an expiration date. It's like having a golden ticket to purchase property or assets later while everyone else has to deal with current market chaos. The ultimate "let me think about it" that actually has legal teeth.
A seller's promise that their product won't immediately explode or fall apart, though the fine print will explain in excruciating detail all the ways you can void this promise. This legal guarantee assures buyers that goods or property meet certain standards and provides recourse if things go wrong—assuming you kept the receipt, didn't use it wrong, and performed ritual maintenance every third Tuesday. Extended warranties are the profitable cousin that exists solely to make you second-guess your purchase.
Industry slang for properties with minor cosmetic issues that scare away typical buyers but are catnip to investors and DIYers. Think ugly carpet and dated wallpaper, not structural disasters—though agents sometimes blur that line.
The specific property being appraised, analyzed, or discussed, as opposed to all those comparison properties. It's like referring to the guest of honor at a party—everyone else is just there for context.
Foreign Investment in Real Property Tax Act—IRS rules requiring withholding from foreign sellers of US real estate. Because Uncle Sam doesn't trust foreigners to voluntarily pay capital gains taxes after they've left the country with the money.
A quick exterior assessment of a property from your vehicle, because sometimes you can tell from the street that 'charming fixer-upper' means 'condemned by next Tuesday.' It's the real estate version of swiping left.
The closing day arithmetic splitting property expenses and income between buyer and seller based on ownership periods. It's the financial equivalent of splitting a restaurant check by who ordered what.
Discounted Cash Flow analysis—a valuation method projecting future cash flows and discounting them to present value; the quantitative investor's favorite way to prove their thesis.
A three-digit number between 300-850 that essentially determines your financial destiny and your ability to borrow money at reasonable rates.
Someone meeting SEC wealth requirements ($200,000+ annual income or $1M+ net worth) eligible for private real estate securities—basically the rich kids' club.
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.
A type of zoning allowing flexible development within a defined area, mixing housing types, densities, and uses while preserving open space. PUDs let developers cluster buildings creatively instead of following rigid lot-by-lot rules.
A fee charged for paying off a mortgage early, compensating lenders for lost interest income. It's the bank's way of punishing you for financial responsibility and denying them years of interest payments.