Part exchange in house buying refers to the process where a seller trades their existing property for another, allowing both parties to complete the transaction without separate negotiations on cash prices.
The term ‘move in ready’ describes a property that is prepared for immediate occupancy by a new tenant, with all essential systems and finishes completed.
A parcel number is a unique identifier assigned to a piece of land or property for administrative, tax, and legal purposes.
Rent abatement refers to a temporary reduction or suspension of rent payments, often granted by landlords to tenants under specific conditions such as economic hardship or public health crises.
Undeveloped land refers to parcels of real estate that have not been altered or improved for residential, commercial, or industrial use. It remains in its natural state, offering potential for future development.
Active under contract indicates that a party has agreed to terms but formal execution or completion is pending, commonly used in real estate and business contexts.
Deeded lake access refers to a legal right, conveyed through a deed, that grants an individual or entity explicit ownership of land adjacent to a lake, often including the privilege to use a shoreline for recreational purposes such as boating or fishing.
R-1c zoning is a residential land-use designation that specifies certain restrictions on building size, density, and use within a particular area.
SFR is an abbreviation used in real estate to denote a Single Family Residential property, which is a standalone home intended for the occupancy of one household.
Releasing a mortgage refers to the process by which a lender removes its security interest from a property after the mortgage has been fully repaid, thereby freeing the title for sale or further financing.