duplex

Definition

A single building cleverly divided into two separate dwelling units, allowing property owners to live in one half while collecting rent from neighbors who share their walls. It's the real estate equivalent of having your cake and eating it too, assuming you don't mind hearing your tenant's TV through the drywall. In postal circles, it's also a fancy stamp cancellation, but nobody cares about that definition anymore.

Example Usage

They purchased a duplex in the suburbs, living upstairs while renting out the ground floor to cover their mortgage.

Source: Common real estate terminology

Related Terms

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drive-til-you-qualify

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.

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Intermediate

liens

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.

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Intermediate

irem

Institute of Real Estate Management—professional organization for property managers that awards the CPM (Certified Property Manager) designation. The Ivy League of people who deal with broken toilets and angry tenants.

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Beginner

showing feedback

The brutally honest (or diplomatically evasive) comments agents collect after property showings, ranging from 'loved it!' to 'we could smell the previous owner's choices from the driveway.' It's Yelp reviews for houses, but the house can't respond.

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Intermediate

grant deed

A deed conveying property with implied warranties that the grantor owns the property and hasn't already sold it to someone else. The 'I'm pretty sure this is mine to sell' document.

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Advanced

net rentable area

The actual square footage tenants can occupy and must pay for, excluding common areas, mechanical rooms, and structural elements. It's why your 'thousand square foot' office feels like eight hundred.

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