Real Estate Glossary

Real Estate Glossary

There are 6 entries in this glossary.
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Glossaries

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Term Definition
Warranty

A binding promise made at the time of a sale whereby the seller gives the buyer certain assurances as to the condition of the property.

Wear and Tear

The deterioration or loss in value caused by the tenant's normal and reasonable use. In many leases the tenant is not responsible for "normal wear and tear."

Weighted Average Rental Rates

Rental rates averaged to the amount of space available in each building per market area.

Working Drawings

The set of plans for a project that, in combination with a set of specifications, comprise the contract documents indicating the exact manner in which a project should be built. See Also: Contract Documents

Workletter

The standard building items that the landlord contributes as part of the tenant improvements. Examples of standard building items are: doors, partitions, lights, floor covering, telephone outlets, etc. The Workletter may specify quantity and quality of the materials to be used and often carries a dollar value.

Workout

The process by which a borrowers attempts to negotiate with a lender to restructure the borrower's debt rather than go through foreclosure proceedings.

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