Real Estate Glossary

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.

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."

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

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

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.

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