Real Estate Glossary

Generally refers to space that is under lease to a tenant but not presently occupied. Usually created when a tenant consolidates or reduces operations in space it leases prior to the end of its lease term. The vacant but leased space may or may not be formally marketed on a sublet basis or counted among a market's vacancy.

Acronym used to indicate what is included in a monthly mortgage payment on real property. Principal, interest, taxes and insurance are the four major portions of a typical monthly payment.

Office space that is currently under construction or renovation and will be completed (delivered to the market) within two years. Does not include Proposed or Future Proposed Space.

A map dividing a parcel of land into lots, as in a subdivision.

Clause in a mortgage or deed of trust giving the mortgagee or trustee the power to sell the property in the event of default.

Concrete building components fabricated at a plant site and shipped to the site of construction.

Assigned lease for space in a multi-tenant office building which has not yet received a Certificate of Occupancy.

First generation (new) space that is currently available for lease but has never before been occupied by a tenant.

The major tenant in a building, shopping center, etc.

A development plan and/or written condition that, when offered by an owner and accepted by the county, becomes a legally binding part of the property in question.

An itemized list noting incomplete or unsatisfactory construction. Usually prepared by the tenant architect after the contractor has notified the owner that the tenant space is substantially complete.

A deed operating as a release and, as such, intended to pass to the grantee any title, interest, or claim that the grantor may have in the property, but not containing any warranty of valid interest or title in the grantor.

Land in its natural state. Land that has not been subdivided into lots, does not have water, sewers, streets, utilities, or other improvements necessary before a structure can be constructed.

(i) Land and anything permanently affixed to the land, such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other items which would be personal property if not attached. (ii) May refer to rights in real property as well as the property itself.