Under Contract

Definition

The relationship status of a house that's been claimed but not yet closed, like being engaged but for property. Everyone holds their breath until closing, and there's always a chance someone gets cold feet.

Example Usage

"My dream house went under contract the day before my showing. Real estate heartbreak hits different when there's a mortgage pre-approval involved." - A jilted buyer

Related Terms

Beginner

Price Point

A fancier way of saying "price" that makes real estate agents feel like they're doing economics instead of sales. It adds absolutely nothing to the conversation except an extra word and a sense of sophistication.

🏠 Real Estate

Intermediate

gross scheduled income

The total potential rental income a property could generate if every unit were rented at market rates with zero vacancy, representing an optimistic fantasy land rarely visited in reality. It's the before-life-happens number that makes proformas look amazing.

🏠 Real Estate

Beginner

title search

A deep dive into public records to verify legal ownership and uncover liens, judgments, or claims. Property background check revealing whether you're buying real estate or a lawsuit.

🏠 Real Estate

Advanced

tax deed

Ownership document transferred to buyers at tax lien auctions after owners fail to pay property taxes. The government's way of saying 'you snooze, you lose' in legal format.

🏠 Real Estate

Intermediate

triple net lease

A commercial lease where the tenant pays all property expenses including taxes, insurance, and maintenance in addition to base rent. Abbreviated NNN, it's the landlord's dream where they collect rent while you pay for literally everything else.

🏠 Real Estate

Advanced

release clause

A provision allowing an owner to sell individual parcels from a larger mortgaged property, common in land development. It's how developers avoid having all their eggs in one very large, very financed basket.

🏠 Real Estate

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