non-conforming use

Definition

When your property legally violates current zoning laws because it was built before those laws existed, making it technically illegal but protected by grandfather rights. It's your commercial building in a residential zone that everyone tolerates until you try to expand.

Example Usage

My auto shop is a non-conforming use in this residential area, which is fine until I want to add a bay - then it's a problem.

Source: Zoning and land use terminology

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absorption analysis

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.

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A reduction or elimination of property taxes for a specified period, typically offered as an incentive for development or renovation in targeted areas. It's the government's way of bribing you to improve neighborhoods they've neglected.

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warranty

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.

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cosmetic rehab

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walking the comps

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