Real Estate Glossary

The actual cash proceeds from a loan that are given to the seller. See Also: Soft Dollars

The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria "highest and best use" must meet are: legal permissibility, physical possibility, financial feasibility, and maximum profitability.

A tenant who retains possession after the expiration of a lease.

The acronym for Heating Ventilating and Air-Conditioning. Refers to the equipment used to heat and cool a building.