Real Estate Glossary

Real Estate Glossary

There are 282 entries in this glossary.
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Glossaries

Term Main definition
Vacant Space

Existing space which is currently being marketed for sale or lease, excluding sublet space.

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Variance

A permit that grants a property owner relief from certain provisions of a zoning ordinance when, because of the particular physical surroundings, shape or topographical condition of the property, compliance would result in a particular hardship or practical difficulty which would deprive the owner of the reasonable use of the land or building involved.

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Vendee

Purchaser or "buyer," generally used in real property context.

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Vendor

The person who transfers property by sale. Another word for "seller." Commonly used in land contract sales.

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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.

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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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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.

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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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Zoning

A method of regulating use of real estate by dividing a city or other area into zones and designating which uses may be permitted for land in each zone.

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Zoning Ordinance

The set of laws and regulations, generally at the city or county level, that control the use of land and construction of improvements in a given area or zone.

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