Real Estate Glossary - Luis Tejada

1

1031 Exchange Intercambio 1031: A federal tax rule that lets an investor sell an investment property and buy another "like-kind" property while deferring capital gains tax. Strict deadlines apply, and a qualified intermediary must hold the money.

6

6(d) Certificate Certificado 6(d): A certificate from a Massachusetts condo association, under state condo law, stating whether the unit owes any unpaid common charges. The buyer's attorney needs it before closing a condo sale.

A

Abatement Reducción de impuestos (abatement): A reduction of your property tax bill granted by the city or town assessors. In Massachusetts you must apply by the deadline printed on your tax bill if you think your assessment is too high.
Accessory Dwelling Unit (ADU) Unidad de vivienda accesoria (ADU): A small, separate home on the same lot as a single-family house, such as an in-law apartment. Since 2025, Massachusetts allows one ADU up to 900 square feet (or half the main home, if smaller) by right in single-family zones, subject to local rules.
Adjustable-Rate Mortgage (ARM) Hipoteca de tasa ajustable (ARM): A mortgage whose interest rate is fixed for a set period, then changes at set intervals based on a market index. Your payment can go up or down after the fixed period ends.
Agency Disclosure Divulgación de relación con el agente: A Massachusetts form a real estate licensee must give you at the first personal meeting to explain who the agent represents. It is not a contract; it simply explains the relationship.
Amortization Amortización: The way a loan is paid off over time with regular payments that cover both interest and principal. Early payments are mostly interest; later payments are mostly principal.
Annual Percentage Rate (APR) Tasa de porcentaje anual (APR): The yearly cost of a loan including the interest rate plus certain fees, shown as a percentage. It helps you compare loan offers from different lenders.
Apartment Condition Statement Declaración de condición del apartamento: A written list of any damage in a Massachusetts rental that a landlord must give a tenant who pays a security deposit. The tenant can review it, add items and return it, which helps at move-out.
Appraisal Tasación: A licensed appraiser's opinion of a home's market value, usually ordered by the lender. If the appraisal comes in below the price, the loan amount may be affected.
Appraisal Gap Diferencia de tasación: The difference between the agreed price and a lower appraised value. The buyer may need to cover it in cash, renegotiate, or use a contingency if one applies.
As-Is Sale Venta en las condiciones actuales (as-is): A sale where the seller will not make repairs. Buyers can usually still inspect, but should expect to handle any problems themselves.
Assessed Value Valor de tasación municipal: The value your city or town places on a property to calculate property taxes. It can differ from market value.

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Bank Statement Loan Préstamo con estados de cuenta bancarios: A mortgage for self-employed borrowers that uses 12 to 24 months of bank statements, rather than tax returns, to show income. It is offered by some non-bank lenders.
Building Permit Permiso de construcción: Official approval from the local building department to build, renovate or make major repairs. Work done without permits can cause problems when you sell.
Buyer Agency Agreement Contrato de representación del comprador: A written agreement between a buyer and a brokerage that explains the services and how the buyer's agent will be paid. Under national rule changes since 2024, buyers typically sign one before touring homes with an agent.
Buyer's Agent Agente del comprador: A real estate agent who represents the buyer's interests in a purchase. They help with search, offers, negotiation and the steps to closing.
Buyer's Attorney Abogado del comprador: A lawyer who reviews the Purchase and Sale Agreement and protects the buyer's legal interests. In Massachusetts, attorneys play a central role in real estate closings.

C

Cap Rate Tasa de capitalización (cap rate): An investment measure equal to a property's yearly net operating income divided by its price. It helps compare income properties quickly.
Capital Gains Ganancia de capital: The profit from selling a property for more than you paid plus improvements. Homeowners who meet IRS rules may exclude up to $250,000 of gain ($500,000 for married couples filing jointly) on a main home.
Carbon Monoxide Detector Detector de monóxido de carbono: An alarm that warns of dangerous carbon monoxide gas. Massachusetts requires working CO alarms in most homes with fuel-burning equipment or attached garages, and they are checked for the smoke certificate.
Cash Flow Flujo de caja: The money left each month from a rental property after paying the mortgage, taxes, insurance and expenses. Positive cash flow means the property earns more than it costs.
Cash-on-Cash Return Rendimiento sobre efectivo invertido: Yearly cash flow divided by the cash you put into a property, such as down payment and closing costs. It shows how hard your own money is working.
Chapter 40B Capítulo 40B (vivienda asequible): A Massachusetts law that helps developers build housing with affordable units in towns that have too little affordable housing. Some 40B homes are sold at below-market prices with deed restrictions.
Closing Cierre: The final step of a sale, when documents are signed, money changes hands and the deed is recorded. In Massachusetts it is often called "passing papers."
Closing Costs Costos de cierre: Fees and charges paid at closing beyond the price, such as lender fees, attorney fees, title insurance, recording fees and prepaid taxes and insurance.
Closing Disclosure Declaración de cierre (Closing Disclosure): A five-page form listing your final loan terms and closing costs. Your lender must give it to you at least three business days before closing.
Common Charges Cuotas de condominio: Monthly fees condo owners pay to the association for shared costs like the master insurance, maintenance, utilities for common areas and reserves. Also called condo fees.
Comparables (Comps) Propiedades comparables (comps): Recently sold homes similar in size, age, condition and location to the one being priced. Appraisers and agents rely on them.
Comparative Market Analysis (CMA) Análisis comparativo de mercado (CMA): A report from an agent comparing a home to similar recent sales nearby. It helps set a list price or decide on an offer.
Condo Conversion Conversión a condominio: Turning a rental building into condominium units for sale. Massachusetts and some cities give tenants notice rights and other protections when this happens.
Condo Master Insurance Policy Póliza de seguro maestra del condominio: The insurance the condo association carries for the building and common areas. Owners usually still need their own HO-6 policy for the inside of the unit.
Condominium (Condo) Condominio: A form of ownership where you own your unit and share ownership of common areas with other owners. In Massachusetts condos are governed by state law and the master deed.
Conforming Loan Préstamo conforme: A mortgage that meets Fannie Mae and Freddie Mac rules, including a loan limit set each year by the FHFA. Loans above that limit are called jumbo loans.
Contingency Contingencia: A condition in a contract that must be met for the sale to go forward, such as a satisfactory inspection or mortgage approval. If it is not met on time, the buyer may be able to cancel and recover the deposit.
Conventional Loan Préstamo convencional: A mortgage not insured by a government agency like FHA, VA or USDA. Many conventional loans allow low down payments with private mortgage insurance.
Counteroffer Contraoferta: A response to an offer that changes one or more terms, such as price or dates. It replaces the original offer, which the other side can accept, reject or counter again.
Credit Score Puntaje de crédito: A number that summarizes your credit history and helps lenders judge risk. A higher score can mean better loan options and rates.

D

Debt-to-Income Ratio (DTI) Relación deuda-ingreso (DTI): Your monthly debt payments, including the new housing payment, divided by your gross monthly income. Lenders use it to decide how much you can borrow.
Declaration of Trust Declaración de fideicomiso del condominio: A condo document that creates the trust (the board) that manages the association, with its powers and rules. It is recorded with the master deed.
Deed Escritura: The legal document that transfers ownership of real estate from seller to buyer. In Massachusetts it is recorded at the Registry of Deeds.
Deed Excise Tax Impuesto de traspaso (deed stamps): A Massachusetts tax on the transfer of real estate, paid when the deed is recorded. It is $4.56 per $1,000 of the price in most counties (higher in Barnstable County) and is customarily paid by the seller.
Deed Restriction Restricción en la escritura: A rule written into a deed that limits how a property can be used or resold, such as resale price limits on an affordable home. It usually passes to future owners.
Deposit (Earnest Money) Depósito de buena fe: Money the buyer puts down to show a serious offer, usually once with the Offer to Purchase and more with the Purchase and Sale Agreement in Massachusetts. It is held in escrow and applied to the price at closing.
Depreciation Depreciación: A tax deduction that lets owners of rental property deduct part of the building's cost each year. It lowers taxable income but can be recaptured when you sell.
Designated Agency Agencia designada: A Massachusetts option where one brokerage represents both buyer and seller but assigns a different agent to each, so each side has its own advocate.
Discharge of Mortgage Cancelación de hipoteca: A recorded document showing a mortgage has been paid off. The seller's attorney makes sure the old loan is paid and discharged after closing.
Down Payment Pago inicial (enganche): The part of the price you pay in cash rather than borrowing. Some loan programs allow very small down payments.
Down Payment Assistance Asistencia para el pago inicial: Grants or special loans that help buyers pay the down payment or closing costs. In Massachusetts, programs are offered by MassHousing, some cities and towns, and nonprofits.
DSCR Loan Préstamo DSCR: An investor loan approved mainly on whether the property's rent covers its debt payments (the debt service coverage ratio), rather than the borrower's personal income.
Dual Agency Agencia dual: When one agent represents both the buyer and the seller in the same sale. In Massachusetts it requires informed written consent from both sides.

E

Easement Servidumbre: A legal right for someone else to use part of your property for a specific purpose, such as a shared driveway or utility lines.
Encroachment Invasión de límites: When a structure, like a fence or garage, crosses onto a neighbor's land. A survey or plot plan can reveal it.
Equity Plusvalía (equity): The part of your home you truly own: its market value minus what you still owe on loans. Equity grows as you pay down the loan and as value rises.
Escalation Clause Cláusula de escalamiento: An offer term that automatically raises your price above competing offers by a set amount, up to a maximum you choose. It is used in multiple-offer situations.
Escrow Custodia (escrow): Money or documents held by a neutral party until conditions are met. In Massachusetts the buyer's deposit is often held in escrow by the listing brokerage.
Escrow Account (Impound) Cuenta de reserva (escrow): An account your lender sets up to collect part of your property taxes and homeowners insurance with each monthly payment, then pays those bills for you.
Eviction (Summary Process) Desalojo (proceso sumario): The court process a Massachusetts landlord must use to remove a tenant. A landlord cannot lock out a tenant or remove belongings without a court order.
Exclusive Right to Sell Contrato de exclusividad de venta: The most common listing agreement, giving one brokerage the right to market the home and earn the agreed fee if it sells during the term.
Executor (Personal Representative) Albacea (representante personal): The person a probate court appoints to handle a deceased person's estate, including selling real estate. In Massachusetts the formal title is personal representative.

F

Fair Housing Vivienda justa: Federal and Massachusetts laws that ban housing discrimination based on race, national origin, religion, disability, family status, source of income and other protected classes.
FHA Loan Préstamo FHA: A mortgage insured by the Federal Housing Administration, popular with first-time buyers because it allows a low down payment and flexible credit. It requires mortgage insurance (MIP).
Final Walk-Through Inspección final: A visit by the buyer just before closing to confirm the home is in the agreed condition, empty if required, and that agreed repairs were done.
Final Water Reading Lectura final del agua: A meter reading the seller orders from the city or town before closing so the water and sewer bill can be paid or adjusted between buyer and seller.
First-Time Homebuyer Comprador de vivienda por primera vez: For most programs, someone who has not owned a home in the past three years. Many Massachusetts programs offer special loans or help to first-time buyers.
Fiscal Year (Property Tax) Año fiscal (impuesto predial): Massachusetts cities and towns use a fiscal year that runs July 1 to June 30 for property taxes. Bills are usually sent quarterly or twice a year.
Fixed-Rate Mortgage Hipoteca de tasa fija: A mortgage with the same interest rate for the whole loan term, often 15 or 30 years. Your principal and interest payment never changes.
Flood Insurance Seguro contra inundaciones: Insurance that covers flood damage, which regular homeowners policies do not. Lenders require it for homes in certain FEMA flood zones.
Foreclosure Ejecución hipotecaria: The legal process a lender uses to take back a property when the borrower stops paying the mortgage. Foreclosed homes are often sold by banks.

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Gift Letter Carta de regalo: A signed letter from a relative or other donor saying money given for your down payment is a gift, not a loan. Lenders require it along with proof of the transfer.

H

Hard Money Loan Préstamo de dinero privado (hard money): A short-term loan from a private lender based mainly on the property's value, often used by investors for fix-and-flip projects. Rates and fees are higher than bank loans.
Highest and Best Mejor y última oferta: A request from the seller's side asking all buyers to submit their strongest offer by a deadline when there are multiple offers.
HO-6 Insurance Seguro HO-6 (condominio): A homeowners insurance policy for condo owners that covers the inside of the unit, personal property and liability. It works together with the association's master policy.
Home Equity Line of Credit (HELOC) Línea de crédito sobre el valor de la vivienda (HELOC): A revolving line of credit secured by your home's equity. You can borrow, repay and borrow again during the draw period.
Home Inspection Inspección de la vivienda: A visual review of a home's structure and systems by a licensed home inspector, done after your offer is accepted. Massachusetts licenses home inspectors.
Homebuyer Education Course Curso para compradores de vivienda: A class that teaches the steps of buying a home. Many Massachusetts first-time buyer programs, including MassHousing loans, require a certificate from an approved course.
Homeowners Association (HOA) Asociación de propietarios (HOA): An organization that manages shared areas and sets rules for a community or condo. Owners pay fees to it.
Homeowners Insurance Seguro de vivienda: Insurance that protects your home and belongings from risks like fire and theft and covers liability. Lenders require it before closing.
Homestead Declaration Declaración de homestead: A form recorded at the Registry of Deeds that protects equity in your Massachusetts primary home from many creditors. Every owner-occupant gets $125,000 automatically; a recorded declaration raises protection to up to $1,000,000 under the 2024 Affordable Homes Act.
House Hacking Vivir en una unidad y alquilar las otras: Buying a multi-family home, living in one unit and renting the others to help pay the mortgage. It is a common path for first-time investors in Greater Boston.
Housing Choice Voucher (Section 8) Vale de vivienda (Sección 8): A federal program, run locally by housing authorities, that helps eligible renters pay rent in private housing. In Massachusetts, landlords may not refuse renters because they use a voucher.

I

Inspection Contingency Contingencia de inspección: A clause that lets the buyer cancel or renegotiate if the home inspection finds problems, within a set number of days.
ITIN Loan Préstamo con ITIN: A mortgage for borrowers who file taxes with an Individual Taxpayer Identification Number instead of a Social Security number. These are offered by some banks and specialty lenders, often with different terms.

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Jumbo Loan Préstamo jumbo: A mortgage larger than the conforming loan limit for the area. It usually has stricter credit and down payment rules.

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Land Court (Registered Land) Tribunal de Tierras (terreno registrado): A Massachusetts court that handles registered land, where title is guaranteed by a court-issued certificate of title. Registered land is recorded in a separate section of the Registry of Deeds.
Last Month's Rent Renta del último mes: Rent paid in advance at move-in for the final month of a tenancy. In Massachusetts, the landlord must pay the tenant interest on it each year or credit it.
Lead Paint Law Ley de pintura con plomo: Massachusetts law requiring owners to remove or cover lead hazards in homes built before 1978 where a child under 6 lives. Buyers of older homes must receive a lead paint notification and may inspect for lead.
Lease Contrato de arrendamiento: A written contract between landlord and tenant for a set period, often one year, with the rent and rules. Neither side can change its terms during that period without agreement.
Lender's Attorney Abogado del prestamista: In Massachusetts, the attorney who represents the mortgage lender, prepares closing documents, checks title and usually conducts the closing. The buyer usually pays this fee.
Lien Gravamen: A legal claim against a property for unpaid money, such as a mortgage, taxes or contractor bills. Liens must usually be paid before the property can be sold with clear title.
Listing Agreement Contrato de listado: The contract between a seller and a brokerage that sets the list price, the term, the services and the fee.
Loan Estimate Estimación del préstamo: A standard three-page form a lender must give you within three business days of applying, showing the estimated rate, payment and closing costs.
Loan-to-Value Ratio (LTV) Relación préstamo-valor (LTV): The loan amount divided by the home's value or price. A lower LTV usually means better terms and may remove the need for mortgage insurance.

M

Mass Save Mass Save: An energy efficiency program sponsored by Massachusetts utilities that offers home energy assessments, rebates and financing for upgrades like insulation and heat pumps.
MassHousing MassHousing: Massachusetts' independent, state-chartered housing finance agency. It offers mortgage and down payment assistance programs through approved lenders.
Master Deed Escritura maestra: The recorded document that creates a Massachusetts condominium, describing the units, common areas and each unit's percentage interest.
Mixed-Use Property Propiedad de uso mixto: A building with both commercial space, like a store, and residential units. Financing and zoning differ from a regular home.
Mortgage Commitment Compromiso hipotecario: A lender's written promise to make your loan, often with conditions. The Massachusetts P&S usually sets a date by which the buyer must have it.
Mortgage Contingency Contingencia de financiamiento: A clause that lets the buyer cancel and get the deposit back if they cannot get a mortgage commitment by a set date despite a good-faith effort.
Mortgage Insurance Premium (MIP) Prima de seguro hipotecario (MIP): Mortgage insurance on FHA loans, with an upfront charge and a monthly charge. It protects the lender, not the buyer.
Multi-Family Home Casa multifamiliar: A building with two to four separate units, such as a two-family or three-family. Buyers who live in one unit can often use owner-occupied home loans.
Multiple Listing Service (MLS) Servicio de listado múltiple (MLS): A shared database where brokers list homes for sale so other agents and the public can see them. MLS PIN is the main MLS in Massachusetts.
Municipal Lien Certificate (MLC) Certificado de gravamen municipal (MLC): A certificate from the city or town collector listing any unpaid property taxes, water, sewer and other municipal charges on a property. The closing attorney orders it so these can be paid at closing.

N

Net Operating Income (NOI) Ingreso operativo neto (NOI): A rental property's yearly income minus operating expenses like taxes, insurance and repairs, before mortgage payments. It is used to value income property.
Nominee Trust (Realty Trust) Fideicomiso nominal (realty trust): A type of trust commonly used in Massachusetts to hold title to real estate, often for privacy or estate planning. The trustee holds title for the beneficiaries.
Notice to Quit Aviso de desalojo (notice to quit): A written notice from a Massachusetts landlord ending a tenancy, which must come before an eviction case. The required notice period depends on the reason and type of tenancy.

O

Offer to Purchase Oferta de compra: The first written offer in a Massachusetts home sale, listing the price, deposit, inspection period and key dates. Once signed by both sides it can be a binding contract, so read it carefully.
Oil Tank (Underground Storage Tank) Tanque de aceite (tanque subterráneo): A tank that stores heating oil. Older or buried tanks can leak and be costly to clean up or remove, so inspectors, insurers and lenders check their age and condition.
ONE Mortgage ONE Mortgage: A Massachusetts first-time homebuyer program from the Massachusetts Housing Partnership, offering low down payment loans with income limits through participating lenders.
Owner's Title Insurance Seguro de título del propietario: A one-time policy bought at closing that protects the buyer against covered title problems, like an unknown lien or forged deed, for as long as they own the home.
Owner-Occupied Ocupada por el dueño: A property where the owner lives as a primary residence. Owner-occupied loans often have lower down payments and rates than investor loans.

P

Passing Papers Firma final (passing papers): The common Massachusetts phrase for the closing, when buyer and seller sign the final documents and ownership transfers.
PITI PITI (capital, interés, impuestos y seguro): Short for principal, interest, taxes and insurance, the four main parts of a monthly mortgage payment. Condo fees and mortgage insurance may be added.
Plot Plan Plano del terreno: A drawing showing the lot lines and where buildings sit on the land. Lenders and buyers' attorneys often use a mortgage plot plan to check for encroachments or flood zones.
Points (Discount Points) Puntos de descuento: Fees paid to the lender at closing to lower your interest rate. One point equals 1% of the loan amount.
Power of Attorney Poder notarial: A legal document that lets another person sign for you. Lenders and closing attorneys must approve its use for a real estate closing in advance.
Pre-Approval Preaprobación: A lender's written statement, after checking your credit, income and assets, of how much it is willing to lend you. Sellers in Massachusetts usually expect one with an offer.
Prepaid Items Gastos prepagados: Costs paid at closing in advance, such as the first year of homeowners insurance, property taxes for the escrow account and daily interest until the first payment.
Private Mortgage Insurance (PMI) Seguro hipotecario privado (PMI): Insurance usually required on conventional loans with less than 20% down. It protects the lender and can be removed once you reach enough equity.
Probate Sucesión (probate): The court process for settling a deceased person's estate. In Massachusetts it is handled by the Probate and Family Court, and selling a home from an estate often requires court authority.
Property Tax Impuesto a la propiedad (predial): A yearly tax set by your city or town based on the assessed value of your property and the local tax rate, often called the rate per $1,000 of value.
Purchase and Sale Agreement (P&S) Contrato de compraventa (P&S): The detailed contract signed after the Offer to Purchase in Massachusetts, usually reviewed by attorneys. It sets the closing date, contingencies, deposit terms and what happens if either side does not perform.

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Quitclaim Deed Escritura de cesión (quitclaim deed): In Massachusetts, the standard "quitclaim deed with covenants" transfers the seller's title and promises they have not created title problems during their ownership.

R

Radon Test Prueba de radón: A test for radon, a natural radioactive gas that can build up in basements. It is a common add-on to a home inspection.
RAFT (Residential Assistance for Families in Transition) RAFT (asistencia para familias en transición): A Massachusetts program that can help eligible renters and homeowners with back rent, mortgage or utility costs to keep their housing.
Rate Lock Bloqueo de tasa: A lender's promise to hold your interest rate for a set number of days while your loan is processed.
Reasonable Accommodation Acomodación razonable: A change in rules or policies that a landlord or condo association must allow so a person with a disability can use and enjoy their home, under fair housing laws.
Refinance Refinanciamiento: Replacing your current mortgage with a new one, often to get a lower rate, change the term or take cash out from your equity.
Registry of Deeds Registro de Escrituras: The county or district office in Massachusetts where deeds, mortgages, liens and homestead declarations are recorded and searchable by the public.
Rent Control Control de rentas: Local limits on rent increases. Massachusetts voters banned rent control statewide in 1994. A 2026 ballot question to allow it was removed from the November ballot by the state's Supreme Judicial Court in June 2026, so the ban still stands.
Rent Roll Lista de rentas (rent roll): A list of each unit in a rental property with the tenant, rent, lease dates and deposits. Buyers of multi-families review it before closing.
Rental Broker Fee Comisión de agente de alquiler: A fee paid to a real estate broker for finding or filling a rental. Since August 1, 2025, Massachusetts law says the party who hires the broker pays the fee, so landlords pay for brokers they hire.
Renters Insurance Seguro para inquilinos: Insurance that covers a tenant's belongings and liability. The landlord's policy covers the building, not the tenant's things.
Reserve Fund Fondo de reserva: Money a condo association saves for future major repairs, like roofs or elevators. A low reserve can lead to special assessments.
Residential Exemption Exención residencial: A property tax break some Massachusetts cities and towns give to owners who live in their home as a primary residence. You must usually apply, and only certain communities offer it.
Reverse Mortgage Hipoteca inversa: A loan for homeowners 62 and older that turns home equity into cash without monthly mortgage payments. The loan is repaid when the home is sold or the owner no longer lives there.

S

Sanitary Code Código sanitario: Massachusetts' minimum standards for rental housing, covering heat, hot water, pests, safety and more. Local boards of health enforce it.
Security Deposit Depósito de seguridad: Money a tenant pays to cover possible damage. In Massachusetts it cannot be more than one month's rent, must be kept in a separate interest-bearing account in a Massachusetts bank, and must be returned with interest within 30 days after the tenancy ends, minus lawful deductions.
Seller Concessions Concesiones del vendedor: Money the seller agrees to pay toward the buyer's closing costs. Loan programs limit how much is allowed.
Seller's Agent (Listing Agent) Agente del vendedor: The agent who represents the seller, prices and markets the home and negotiates offers on the seller's behalf.
Septic System Sistema séptico: An on-site system that treats household wastewater where there is no town sewer. In Massachusetts it is regulated by Title 5 and must usually pass inspection when a home is sold.
Short Sale Venta corta: A sale where the lender agrees to accept less than what is owed on the mortgage. It requires lender approval and can take longer.
Smoke Certificate Certificado de humo: A certificate from the local fire department confirming a home has the required working smoke and carbon monoxide alarms. Massachusetts law requires it before a home is sold or transferred, and the seller usually arranges it.
Special Assessment Cuota especial: An extra charge a condo association bills owners for a large repair or project not covered by the reserve fund.
Survey Levantamiento topográfico: A professional measurement of a property's exact boundaries, done by a licensed land surveyor. It is more detailed than a plot plan.

T

Tenancy by the Entirety Copropiedad entre cónyuges (tenancy by the entirety): A form of joint ownership available to married couples in Massachusetts. If one spouse dies, the other automatically owns the home, and it offers some protection from one spouse's creditors.
Tenant at Will Inquilino a voluntad (mes a mes): A Massachusetts tenant with no lease for a fixed term, usually month to month. Either side can end it with written notice, generally at least 30 days or one full rental period, whichever is longer.
Tenants in Common Copropietarios en común: A way for two or more people to own property together with separate shares. If one owner dies, their share goes to their heirs, not automatically to the other owners.
Three-Family Home Casa de tres familias: A building with three separate apartments. In Greater Boston many are stacked "triple-deckers," and buyers who live in one unit can often use owner-occupied financing.
Title Título de propiedad: The legal right to own and use a property. A "clear" or "marketable" title has no unresolved claims or defects.
Title 5 Título 5 (inspección séptica): The Massachusetts state rules for septic systems. A home with a septic system generally needs a Title 5 inspection within two years before the sale (three years if pumped yearly with records).
Title Examination Examen de título: A search of public records at the Registry of Deeds and other offices to confirm the seller owns the property and to find liens or other problems.
Triple-Decker Triple-decker (casa de tres pisos): A classic Greater Boston three-family house with one apartment on each of three floors, often with stacked porches.
Two-Family Home Casa de dos familias: A building with two separate apartments, side by side or one above the other. It is a popular choice for owner-occupant investors.

U

Underwriting Suscripción del préstamo (underwriting): The lender's review of your credit, income, assets and the property to decide whether to approve the loan and on what conditions.
USDA Loan Préstamo USDA: A government-backed mortgage for eligible buyers in rural areas, which can allow no down payment. Few areas inside Greater Boston qualify.
Use and Occupancy Agreement Acuerdo de uso y ocupación: A short written agreement that lets a buyer move in before closing, or lets a seller stay after closing, for a set time and fee. In Massachusetts it is drafted or reviewed by the attorneys and approved by the lender.

V

VA Loan Préstamo VA: A mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, service members and some surviving spouses. It often requires no down payment and no monthly mortgage insurance.

W

Wire Fraud Fraude por transferencia bancaria: A scam where criminals send fake wiring instructions by email to steal closing funds. Always confirm wiring instructions by calling a known phone number before sending money.

Z

Zoning Zonificación: Local rules that control how land can be used, such as residential, commercial or mixed use, and limits like height and setbacks. Check zoning before planning an addition, ADU or change of use.

Real estate words, in English and Spanish.

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