Real Estate Glossary

Real Estate Glossary

There are 24 entries in this glossary.
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Term Main definition

A financing arrangement in which a property owner sells all or part of the property to an investor and then leases it back. Although the lease actually follows the sale, both are agreed to as part of the same transaction.

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Second Mortgage

A mortgage that ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts as liens at the same time. Legal priority determines the designation first, second, third, etc.

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Secondary Space

Space which has been previously occupied and becomes available for lease. Includes both re-let and sublet space.

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Security Deposit

Generally, a deposit of money by a tenant with a landlord to secure performance of a lease.

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The distance from a lot line or other reference point, within which no structure may be located.

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Setback Ordinance

Part of a zoning ordinance that regulates the distance from the lot line to the point where improvements may be constructed.

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Site Analysis

The study of a specified parcel of land (and the surrounding area) to determine its suitability for a specific use.

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Site Development

All improvements made to a site before-a building may be constructed, such as grading, utility installation, etc.

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Site Plan

A detailed plan, to scale, depicting development of a parcel of land and containing all information required by the zoning ordinance. See also "Master Plan."

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The exposed wearing surface laid over the structural support beams of a building.

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Soft Dollars

That portion of equity investment that may be tax-deductible in the first year. See Also: Hard Dollars

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Space Plan

Sometimes called the preliminary plan. A graphic representation of a tenant's office space requirements, showing wall and door locations, room sizes, and some furniture layouts.

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Special Assessment

Any special charge levied against real property for public improvements (e.g., sidewalks, sewers, etc.) that benefit the assessed property.

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Specific Performance

A lawsuit in which the court compels one of the parties to perform or carry out the provisions of a contract into which he has entered.

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Speculative Space

Any prime space that has not been leased to a tenant prior to commencing construction on a new building.

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