Turnkey

Definition

A property that's supposedly ready to move into without any work, assuming your definition of "no work" includes ignoring the builder-grade everything and carpet that's technically beige but spiritually defeated.

Example Usage

"The agent said it was turnkey. I turned the key and the doorknob came off in my hand. Poetic, really." - A literal-minded buyer

Related Terms

Beginner

principal

The original loan amount borrowed, excluding interest, or in agency relationships, the person represented by an agent. Context is everything, because confusing the two can make closing statements deeply confusing.

🏠 Real Estate

Advanced

bridge loan

A short-term loan that helps you buy a new home before selling your current one, literally bridging the financial gap. It's expensive money that lets you avoid the nightmare of moving twice or living in your in-laws' basement.

🏠 Real Estate

Intermediate

setback requirements

Zoning rules dictating the minimum distance a building must sit from property lines, streets, or other structures, preventing neighbors from building right up to your fence line. It's mandatory personal space for properties.

🏠 Real Estate

Beginner

Days on Market

The public countdown timer that silently shames a property for not selling fast enough. After 30 days, neighbors start whispering. After 90, the house might as well have a scarlet letter on the lawn sign.

🏠 Real Estate

Beginner

gift letter

Written proof that down payment money from family is a gift, not a loan, satisfying lenders' paranoia about hidden debts. The documented promise that Mom won't ask for it back.

🏠 Real Estate

Advanced

equitable title

The right to obtain full ownership of property while legal title remains with another party, typically during a purchase contract or land contract period. You get to act like the owner before you technically are.

🏠 Real Estate

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Intermediate

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