plans

Definition

Either a technical drawing showing how something is built or designed (especially buildings viewed from above), or a set of coordinated actions intended to achieve a goal. Real estate agents live by these; architects obsess over them.

Example Usage

The developer submitted architectural plans showing 47 identical luxury units arranged in what they optimistically called a 'community.'

Source: Merriam-Webster via Free Dictionary API

Related Terms

Beginner

restriction

The legal fine print that tells you what you can't do with your property, crushing dreams of backyard chicken coops and neon pink houses since time immemorial. These are the rules embedded in deeds, HOA bylaws, or zoning laws that limit how you can use or modify property. They're the reason you need to ask permission to build that treehouse in your own yard.

🏠 Real Estate

Intermediate

prescriptive

A bossy word meaning based on rules or standards rather than what actually happens. In real estate law, it's the difference between 'this is how things should be done' versus 'this is how they're actually done'—very important for property rights and zoning regulations.

🏠 Real Estate

Beginner

cosmetic rehab

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.

🏠 Real Estate

Intermediate

legal description

A formal property boundary description sufficient to locate and identify the property with certainty, typically using metes and bounds, lot and block, or government survey systems. 'The house on the corner' doesn't cut it.

🏠 Real Estate

Intermediate

carrying costs

Ongoing expenses of property ownership including mortgage, taxes, insurance, utilities, and maintenance while holding property for investment. These costs literally 'carry' you financially from purchase to sale, often eating profits investors forgot to calculate.

🏠 Real Estate

Advanced

REIT (Real Estate Investment Trust)

A company that owns income-producing real estate, selling shares to investors—real estate for people who don't want to deal with actual property.

🏠 Real Estate

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