Real Estate Terms

✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in...

One acre equals 43,560 sq feet of land or approximately the size of a football field. The acre is still a statutory measure in the...

Real estate is land, along with any buildings or resources on it. It includes residential, commercial, and industrial...

A "Pending" status in real estate refers to the status of a property that has an accepted offer but the deal is yet to...

An Accessory Dwelling Unit (ADU) is a secondary house or an apartment that shares its structure with a primary residence. An ADU can be attached or detached to a primary residence and belongs to the owner of...

A property under contingent status signifies that a seller has accepted the offer, which is yet to meet certain contingencies. On the other hand, a pending status means that the property has passed all the...

Tenancy by the entirety is a form of joint ownership that's available only to married couples. In a tenancy by the entirety, each spouse owns an undivided interest in the property, and they are considered one...

A land contract is a legal agreement between a buyer and a seller. That allows the buyer to purchase the property over time. Also known as a contract for deed or installment land...

The right of first refusal is a contractual right that gives the holder the option to buy a property or asset before it is offered to the open...

What is a PUD?: A planned unit development, or PUD, is a community of towehomes, condos, single-homes, and...