Commercial Real Estate Terms
Adjoining: Attached or actual contact with another object. Same as "Contiguous".
Ad Valorem: A method of imposing a tax on the ownership of real property "according to value."
Appraisal: An evaluation of a property done professionally to determine expected value.
Building Perment: A document defining and authorizing the construction of a specific type of building allowed on a particular lot.
Build out: The development, expansion or growth of a piece of land.
Build-to-suit: Buyer/tenant specific land improvements.
Capital Improvement: Any work done to a piece of property which increases it's value.
Concessions: A discount, or addition of value, dictated by landlords in order to entice a prospective tenant to complete a deal.
Contiguous: Connected or touching; adjacent.
Covenants: A document dicating the rules, restrictions, and requirements on the use of a property, such as what customizations or improvements may be done.
Contract Documents: A document that states the conditions of a legally binding agreement.
Commercial Property: Property that is used for a purpose outside of residential such as retail, office buildings, or similar use.
Ejectment: Legal action taken with the purpose of removing a tenant from a property and collection of damages.
Eminent Domain: The right of the government to attain private land for the public good with compensation being made to the property owner.
Escalation Clause: An agreement within the sales contract which allows for the increase or decrease of rent payments based on changing costs or expenses encurred by the landlord.
Set-Back: The distance a building is required to be from the properties lines.
Special Assessment: A charge levied against a property based on public improvements that will benefit the assessed property.
Trade Fixtures: Personal property installed on the land, by the tenant, in order to conduct business. |
