pocket listing clause

Definition

A contractual provision allowing agents to market properties privately before hitting the MLS, theoretically to preserve privacy but occasionally to preserve the agent's double commission. The VIP room of real estate.

Example Usage

The celebrity insisted on a pocket listing clause to avoid having their mansion splashed across Zillow for every nosy neighbor to see.

Origin

Evolved from exclusive networking practices in luxury real estate circles

Fun Fact

The National Association of Realtors introduced the Clear Cooperation Policy in 2020 to combat pocket listings, requiring most properties to hit the MLS within one business day.

Source: Real estate brokerage practices

Related Terms

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letter of intent

A preliminary written agreement outlining proposed transaction terms before drafting a formal contract, common in commercial real estate. The 'let's agree to maybe agree later' document that lawyers insist isn't legally binding but kinda is.

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plottage

The increased value created when adjacent properties are combined into a larger, more useful parcel. It's the financial proof that sometimes the whole really is worth more than the sum of its parts.

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subdivide

The real estate developer's favorite verb: to slice a large parcel of land into smaller, more profitable chunks like a capitalist playing Minecraft. This process transforms Farmer Joe's 40-acre field into 'Meadowbrook Estates,' featuring 200 identical homes and exactly three approved paint colors. It's the magic by which empty land becomes cookie-cutter suburbs and developers become very, very wealthy.

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encumbrance

Any claim, lien, or liability attached to a property that affects its title or value. Think of it as baggage, except instead of emotional issues, it's tax liens and utility easements.

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teaser rate

An artificially low introductory interest rate that lures borrowers into adjustable-rate mortgages before jumping to its true, painful level. It's the 'free trial' of the mortgage world, and the subscription auto-renews at triple the price.

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variance

Official permission to deviate from zoning requirements, granted by local government when strict application would cause hardship. It's a get-out-of-jail-free card for zoning violations you'd like to commit.

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