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Real Estate Dictionary

Real Estate Dictionary

What Does "Tract" Mean in Real Estate?

In real estate, the term "tract" refers to a specific area of land that has been mapped and designated for development or division into smaller lots. This concept is commonly used in residential development, where a large parcel of land is subdivided into individual lots for the construction of homes.

April 20, 2024

What Does Gutting a House Mean?

Gutting a house involves extensively stripping the interior down to its structural elements to facilitate significant updates or complete redesign, often requiring professional involvement to ensure compliance with building codes and structural integrity.

April 20, 2024

Is Property Management a Good Career?

Property management is a stable and rewarding career with growth potential, involving diverse responsibilities from tenant management to regulatory compliance, suitable for those with strong organizational and problem-solving skills and who can handle stress and irregular hours.

April 20, 2024

What Does FRBO Mean in Real Estate?

"FRBO" stands for "For Rent By Owner." This term is used to describe properties that are available for rent directly from the owner, rather than through a rental agent or property manager.

April 20, 2024

What Does FSBO Mean in Real Estate?

"FSBO" stands for "For Sale By Owner." It refers to a property that is being sold directly by its owner, without the involvement of a real estate agent.

April 20, 2024

What is an MTM Lease?

An MTM lease, or month-to-month lease, is a type of rental agreement where the lease term renews each month automatically until either the landlord or tenant decides to terminate the agreement. This arrangement provides flexibility for both parties, as it does not bind them to a long-term commitment.

April 20, 2024

What is a Post Occupancy Agreement in Real Estate?

A Post Occupancy Agreement in real estate allows the seller to remain in the property after closing for a specified period, typically involving terms for rent, security deposit, utilities, maintenance responsibilities, and legal protections to avoid conflicts.

April 20, 2024

What is a Distressed Property?

A distressed property is real estate under financial strain due to factors like foreclosure, short sales, bank ownership, bankruptcy, or poor physical condition, often presenting lower purchase prices but requiring significant investment and risk.

April 20, 2024

How to Buy Land with No Money

Buying land without upfront capital can be achieved through owner financing, lease-to-own agreements, forming financial partnerships, utilizing government grants, trading assets, or raising funds via investment crowdfunding.

April 20, 2024

Dallas vs Houston: Which Market is Better for Real Estate Investment?

Dallas and Houston both offer unique real estate investment opportunities, with Dallas focusing on capital appreciation in a diverse economic environment, and Houston offering potentially higher rental yields with more affordable property prices but increased exposure to economic and natural risks.

April 20, 2024
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