Real Estate Glossary

Real Estate Glossary

There are 5 entries in this glossary.
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Glossaries

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Term Definition
Under Construction

Planned buildings for which construction has started but have not yet been granted a Certificate of Occupancy. Planned buildings are not included.

Under Contract

A property for which a purchase offer has been accepted by the seller is said to be "under contract." Generally, the prospective buyer is given a certain period of time in which to perform feasibility studies and finalize financing arrangements. During the time, the seller cannot entertain offers from other buyers unless the purchase contract is allowed to expire without going to closing.

Unencumbered

Describes title to property that is free of liens and any other encumbrances. Free and clear.

Unimproved Land

Most commonly refers to land without buildings; it can also mean land in its natural state. See Also: Raw Land

Use

Specific purpose for which a parcel of land or a building is designed, arranged, intended, occupied, or maintained.

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