Weird real estate terms

Real estate jargon can often be perplexing, featuring a mix of legal terms, industry slang, and regional idioms. Here are some of the more unusual terms used in the real estate industry, explained:

1. Alienation Clause

This term might sound like it's from a sci-fi movie, but it's actually a clause in a mortgage agreement. It stipulates that the borrower must pay the mortgage in full before transferring the property to another person.

2. Gazumping

A term primarily used in the UK, "gazumping" occurs when a seller accepts a verbal offer on the property from one potential buyer, but then accepts a higher offer from someone else before the sale is finalized.

3. Ghost Inventory

Also known as "shadow inventory," this term refers to properties that are not currently on the market but are expected to be sold soon, usually because they are in foreclosure.

4. Jingle Mail

This quirky term comes from the idea of homeowners mailing their house keys back to the mortgage lender because they are unable to continue making payments and want to return the property.

5. Marmalade Skies

A term inspired by the psychedelic era, it refers to highly optimistic, sometimes unrealistic expectations about property prices and market potential.

6. Peppercorn Rent

If you hear this term, don't expect to pay your rent in spices. "Peppercorn rent" refers to a nominal or very low lease payment used sometimes for tax or legal reasons.

7. Pocket Listing

These are properties that a realtor keeps tucked away or "in their pocket." They are not listed on the open market or multiple listing services (MLS). Instead, the realtor offers them directly to potential buyers.

8. Vampire Property

This term describes a property that continues to be occupied by the previous owner even after a foreclosure sale has taken place.

9. Zombie Title

A "zombie title" occurs when the process of foreclosure is initiated, but not completed. The homeowner mistakenly believes they've lost the home and moves out, leaving the property in a state of legal limbo.

10. Witch's Hat

In architectural terms, a "witch's hat" is a conical roof, typically found on Victorian-style homes. It resembles the stereotypical hat worn by witches in folklore and children's tales.