Glossary

Condemnation real estate cases happen when a government agency, or a private company with legal authority, takes private property for public use and owes the owner just compensation. The same…

In real estate, pending means the seller has accepted a buyer's offer, and both sides have signed a purchase contract, but the sale hasn't closed yet. The home is usually…

An ADU, short for accessory dwelling unit, is a small, self-contained home built on the same lot as a main house. If you are asking what an ADU in real…

The NAICS code for real estate is 531210 for agents and brokers, but the full real estate sector covers a range of codes under Sector 53, Real Estate and Rental…

Novation is a legal process that replaces one party in a contract with a new party, while the original agreement's terms stay largely the same. In real estate, this tool…

A PUD, or planned unit development, is a housing community where homeowners own their house and the land it sits on, but also share ownership or use of common areas…

A legal description of property is the written, surveyed language that identifies a specific parcel of land. It appears in a deed, mortgage, or title document. It is not the…

When a home listing shows "under contract," it means the seller has accepted an offer from a buyer, and both parties have signed a purchase agreement. The property is not…

A cap rate in real estate is a property's net operating income divided by its current market value or purchase price, shown as a percentage. It tells you the return…

A short sale is when a homeowner sells a property for less than the amount owed on the mortgage, with the lender's written approval. It happens when a homeowner owes…