Category Archive

The specific purpose for which a parcel of land or a building is intended to be used or for which it has been designed or arranged.

Most commonly refers to land without improvements or buildings but can also mean land in its natural state. See also, "Raw Land".

Describes title to property that is free of liens and any other encumbrances. Free and clear. See also "Encumbrances".

A property for which the seller has accepted the buyer's offer to purchase is referred to as being "under contract". Generally, the prospective buyer is given a certain period of time in which to perform its due diligence and finalize financing arrangements. During the period of time the property is under contract, the seller is precluded from entertaining offers from …

When construction has started but the Certificate of Occupancy has not yet been issued.

The construction of a project in which a third party, usually a developer or general contractor, is responsible for the total completion of a building (including construction and interior design) or, the construction of tenant improvements to the customized requirements and specifications of a future owner or tenant.

A lease in which the tenant pays, in addition to rent, certain costs associated with a leased property, which may include property taxes, insurance premiums, repairs, utilities, and maintenances. There are also "Net Leases" and "NN" (double net) leases, depending upon the degree to which the tenant is responsible for operating costs. See also "Gross Lease".

Personal property that is attached to a structure (i.e. the walls of the leased premises) that are used in the business. Since this property is part of the business and not deemed to be part of the real estate, it is typically removable upon lease termination.

The total amount of square footage of a type of property (i.e. office, industrial, retail, etc.) within a geographical area, whether vacant or occupied. This normally includes owner-occupied space.

A review of all recorded documents affecting a specific piece of property to determine the present condition of title.