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1,833 terms explained in clear, everyday language.
A tax-deferred exchange of like-kind real property, allowing investors to sell p…
Self-employment income from real estate activities (rental, flipping, wholesalin…
Tax form reporting real estate sale proceeds to seller and IRS for income tax pu…
Think of this as the IRS's way of documenting a property sale—it's a form sent t…
You have 180 days from the sale closing date to purchase and close on replacemen…
The IRS requirement that a home seller must have owned and occupied the home as …
Think of a 203(k) as a single mortgage that finances both buying and renovating …
Photorealistic computer-generated images of properties created from architectura…
Interactive 3D virtual tour technology (like Matterport) creating immersive prop…
A three-dimensional digital representation of a property interior allowing reali…
You have exactly 45 days from the closing date to identify replacement property …
A 55+ community restricts ownership to residents 55+ (with spouse exceptions), p…
Age-restricted communities designed for residents 55 and older, where at least 8…
This contract clause gives the seller the right to keep marketing and accept bac…
Picture a pointy tent made of a house—that's an A-frame. The steep roof line cre…
Ability-to-repay is a lender's obligation to verify you can actually make your m…
Alternative term for drain field in septic systems where treated wastewater is a…
The rate at which available homes sell in your market, indicating how quickly ho…
Analysis of how quickly homes sell in a market, measured as average days on mark…
The rate at which properties similar to yours are selling in your market, measur…
An abstract is a summary of a property's entire title history showing all record…
An abstract summarizes your property's ownership history from original grant to …
An air conditioning system that cools and dehumidifies indoor air using refriger…
An acceleration clause lets your lender demand full repayment if you miss paymen…
Acceptance is when the seller agrees to your offer without changes. Once accepte…
Acceptance of a deed is when you formally receive and accept the seller's deed, …
This is the secondary unit you see tucked beside or behind the main house—a comp…
Accredited investors (net worth $1M+ excluding home, or $200k+ income) can inves…
An acknowledgment is a notarization certifying that the deed's signer is who the…
Mortgage debt used to acquire, construct, or substantially improve a home, on wh…
Acreage refers to land measured in acres, typically parcels larger than resident…
A property that's currently listed for sale and available for showing to potenti…
Communities built specifically for active adults 55+ with extensive amenities li…
Active adult communities are designed for 55+ residents emphasizing outdoor acti…
Active listings are homes currently for sale and not yet under contract. Higher …
Actual cash value means your insurance pays what your damaged item is worth toda…
ACV coverage reimburses what damaged items are worth today (after depreciation),…
Actual notice is direct knowledge of a fact—personal awareness of a recorded doc…
An addendum is an attachment to your contract that adds terms or conditions. It …
This covers your temporary housing and living expenses when your home is unlivab…
Address changes notify organizations of your new location. Update banks, employe…
Address change notification updates residential address with organizations condu…
Imagine a mortgage that acts like an introductory rate at a credit card—you star…
An ARM starts with a lower rate than fixed mortgages, but that rate adjusts peri…
The cost basis adjusted for depreciation, capital improvements, and other modifi…
Gross income minus specific allowed deductions (adjustments), used to determine …
An adjustment is a price change made to a comparable sale to account for differe…
These are small changes made at closing to fix costs that were estimated differe…
An ADU is basically a second home on your property—a smaller, independent unit s…
Adverse possession allows someone to claim ownership through open, continuous oc…
