prescription

Definition

A legal doctrine where you can actually gain ownership of property by possessing it openly and continuously for a statutory period, essentially rewarding squatting with a deed. Also known as adverse possession, this concept turns 'finders keepers' into actual law, provided you're bold enough to act like you own something for long enough. It's the legal system's way of saying 'use it or lose it' to absentee property owners.

Example Usage

After maintaining the abandoned lot next door for 15 years, they claimed ownership through prescription and won.

Source: Legal terminology via property law

Related Terms

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.

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Intermediate

REO

Real Estate Owned—a property that reverted to a lender's ownership after a failed foreclosure auction. These are the banking industry's participation trophies, proving they're now reluctant landlords who just want their money back.

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Advanced

phantom rent

The theoretical rental income from a vacant unit that's factored into pro forma projections but not actually being collected. It's the imaginary money that makes cap rates look better on paper than they are in reality.

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euclidean

Relating to the traditional geometry you suffered through in high school, where parallel lines never meet and the shortest distance between two points is a straight line. In real estate zoning, it refers to strict geometric separation of land uses—because apparently houses and corner stores can't peacefully coexist. Named after Euclid, the ancient Greek mathematician who never had to deal with modern city planning committees.

🏠 Real Estate

Intermediate

wholesaling

A real estate strategy where investors contract a property at below-market price and immediately sell the contract to another buyer for a profit, without ever actually owning the property. It's like being a middleman who gets paid for connecting dots on a map.

🏠 Real Estate

Intermediate

comparative market analysis

The real estate agent's crystal ball that uses nearby home sales to predict what yours might sell for. It's part science, part art, and part wishful thinking depending on who's paying for it.

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