Real Estate Glossary

Real Estate Glossary

There are 282 entries in this glossary.
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Glossaries

Term Main definition
Abatement

A reduction or decrease; usually applies to the forgiveness of rent or a decrease of assessed valuation of ad valorem taxes after the assessment and levy.

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Abatement

A reduction or decrease; usually applies to the forgiveness of rent or a decrease of assessed valuation of ad valorem taxes after the assessment and levy.

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Absorbed Space

Net change in leased space between two dates.

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Absorption

The rate at which land or buildings will be sold or leased in the marketplace during a predetermined period of time, usually a month or a year. Also called "Market Absorption." The formula for calculating absorption is: Existing Inventory + New Construction - Space Removed from Market

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Absorption Period

The number of months required to convert vacant space into leased space assuming no new, delivered space. Computed by dividing the average monthly absorbed space during a recent period into the current vacant space.

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Ad Valorem

(According to value) Used in reference to general property tax, which is usually based on the official valuation of property.

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Add-On Factor

Considered a loss factor, the percentage of gross rentable square footage which is lost to the tenant's physical occupancy.

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Alienation Clause

A type of acceleration clause where a debt becomes due in its entirety upon the transfer of ownership of a secured property. Also called "Due on Sales Clause" and "Acceleration Clause."

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Allowance of Building Shell

One of three arrangements often used for financing tenant improvements (finishing out office space to accommodate a tenant such as walls, doors, carpeting etc.) Often used in a yet-to-be built building, this arrangement caps the landlord's expenditure at a fixed dollar amount over the negotiated price of the base building shell. This arrangement is most successful when both parties agree on a detailed definition of what construction is included and at what price. Tenants may ask for a contingency in the event the actual build-out costs are less than the allowance, requiring the landlord to return the savings in the form of rent abatement or other concession.

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Annual Percentage Rate (APR)

APR reflects the cost of a loan on a yearly basis. It may be higher than the note rate because it includes interest, loan origination fees, loan discount points, and other credit costs paid to the lender.

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Anticipatory Breach

Occurs when one party to a contract, prior to time of performance, informs the other of his or her intent not to perform. Example: The buyer informs the seller before the closing date of his or her intent not to buy.

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Appraisal

The estimation and opinion of value place upon a piece of land based upon a factual analysis by a qualified professional; the process of estimation and the report itself.

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Appreciation

The estimation and opinion of value place upon a piece of land based upon a factual analysis by a qualified professional; the process of estimation and the report itself.

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As-Is Condition

Premises accepted by a buyer or tenant in the condition existing at the time of the sale or lease, including all physical defects.

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Assessment

(i) An estimate of property value for the purpose of imposing taxes. (ii) A fee imposed on property, usually to pay for public improvements such as streets and sewers.

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