Real Estate Glossary

Real Estate Glossary

There are 6 entries in this glossary.
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Term Main definition

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.

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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."

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Weighted Average Rental Rates

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

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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

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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.

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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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