Terms Beginning With - B
Property Development & Investment Glossary, Terms & Definitions
With an AB Structure, the subordinate tranche.
In a CMBS structure, a subordinate tranche.
CMBS tranches with a rating of BB or below, which are considered below investment grade.
A preliminary financial feasibility assessment in which the maximum amount of equity funding that investors may commit to a project given their minimum acceptable current return is estimated.
When one person buys and sells two properties at the same time, an escrow is set up to help them do both things. John Lark must sell his two-bedroom home in order to get the $20,000 down payment for a new three-bedroom home. It's possible for John to set up a "escrow" that will close the sale of his old home and then use the money to buy a new one. An escrow company could do this for him.
A deal made by a landlord as a concession to a potential tenant, in which the landlord agrees to take over the tenant's existing lease in exchange for the tenant agreeing to rent space from the landlord in the landlord's business building (office building, industrial park). As a concession, I will say this:
When foundation walls are done, they need to be filled in around them. They also need to be filled in with earth or a chosen material, like aggregate.
A agreement to invest in property that takes effect if a previous deal fails to fulfil its obligations.
It is an offer to buy from a person who already has a deal with someone else; this is a second offer. Sometimes, the seller accepts the backup offer only if the first buyer doesn't buy the item in a certain amount of time. It's important for the seller to be careful, though, when the time for the buyer to do what they agreed to has passed. Make sure that the seller has done everything they agreed to do, or that they've given the first buyer a full and adequate offer of that performance. Sellers should not agree to sell the same property to two different people, or they could be legally bound to do so. The best thing to do is to get a release from the person who bought it.
If the real estate agent wants the seller-client to break a contract in order to accept a better second offer, he or she should be careful. The agent could be sued by the first buyer for the crime of intentionally interfering with a deal.
Buyers should think about reserving the right to back out of the backup offer at any time before the seller cancels the first contract. In this way, the buyer has some flexibility as he or she looks for more homes.
The estimation of network operations' late conclusion and late start dates. It is computed by reversing the scheduling logic from the project's finish date.
Bad debt allowance
An allowance used to lower the possible gross revenue; it is calculated based on the likelihood that some of the rental income would be uncollectible.
A balance sheet is a financial summary that lists all resources, obligations, and equities, with the assets matching the liabilities and equity.
If you or your business have assets, liabilities, and net worth (the difference between assets and liabilities) at a certain date, this is called a financial statement. It is a very quick look at the business. Most lenders want to see a balance sheet from a person who wants to get money for real estate, usually on a form that comes with the loan application. Some lenders also want to see a profit and loss statement that shows income and expenses. Some states have passed false statement laws to punish people who make up statements that are used in the process of getting a loan.
Platform: A railing or parapet that surrounds a platform that comes out from the wall of a building and is used by tenants or people who want to get outside and get to upper floors. When a balcony is roofed and enclosed and has operable windows, it is part of the room that it serves.
A loan repayment plan during which the unpaid principal sum is due at a certain point in time. A loan with an amortisation duration that is longer than the loan term. A balloon payment is required to pay off the remaining loan debt in full since the loan balance will not be zero at the conclusion of the loan period.
Balloon Payment (Pago Mayor)
Paying off the debt in full with a big final payment that's bigger than the previous instalments; paying off the debt in full with the last payment. Balloon payments are often used in second mortgages (to keep payments low when paying first and second mortgages at the same time) and in other situations where the monthly payment doesn't cover the full principal balance over the life of the debt. Partial amortized loans are sometimes called loans that have a lump sum payment at the end of the term, like a note or a debt.
For example, Mr. Clay sells his condo studio apartment for $150,000, with a down payment of $15,000 and a balance of $135,000 that he will pay back over 30 years at a 10% interest rate. He will pay $809.39 per month (amortized over 30 years), and the balance will be due in full at the end of five years. After five years of payments, if the buyer makes them all at once, they'll owe only $9,376.40. The buyer will have to pay $125,623.60 in the final balloon payment. If the buyer chooses to pay off the contract in a shorter amount of time, the balloon payment will be bigger. Charts can show how much of a fully amortized loan still needs to be paid and how much the balloon payment will be. When federal truth-in-lending rules are in place, the amount of a balloon payment must be clearly stated in the agreement.
It is one of a group of small poles that hold up the handrail on stairs.
A balloon loan is another term for a loan with a fixed interest rate.
A balloon loan is another term for a loan with a fixed interest rate.
Band of investment
An economic valuation that calculates the overall rate of interest by considering debt and credit rates.
Band Of Investment (BOI)
An appraisal method used to figure out how much money a buyer has to put down on a home and how much money he or she has to put down on a home. This is the sum of the buyer's mortgage and equity positions. This method is used a lot to figure out the right discount (risk) rate. Equity investors want to get the best deal on financing so that they can get the most benefit from leverage.
The range of investment for a specific property is based on the mortgage and equity rates that market data shows to be true for similar properties. The right ""CAP rate"" is the sum of the mortgage requirement rate (a constant that shows how much interest and how much of the property's value is owned by the mortgage) and the equity rate (a constant that shows how much of the property's value is owned by the equity) (the anticipated cash flow to the equity investment, as indicated by comparable sales). There are many ways to think about how much each part of a property's interest or ownership is worth. For example, each part is multiplied by the return rate needed to get money to invest in that type of investment.
Band of investment technique
A method for determining a property's weighted average cost of capital. Each source's cost is weighted by a factor equal to the proportion of total money obtained from that source.
Band Or Box Sill
Parts of foundations that are made up of piers and beams. When the boards are put together, they make a right angle. The joist is placed at the same angle. This perpendicular placement gives the foundation the rigidity it needs.
A banking instrument that is permitted to offer a wide range of financial services.
Bank Insurance Fund (BIF)
It was the name of a fund run by the Federal Deposit Insurance Corporation (FDIC). It got money from commercial and savings banks to cover their deposits. There is now only one fund for deposit insurance. The Federal Deposit Insurance Act of 2005 abolished BIF and created a single fund for deposit insurance.
Bankruptcy (Quiebra, Bancarrota)
When a person is unable to pay their debts, they seek help from the courts.
A state of financial insolvency in which a person's liabilities exceed their assets and the person can't pay their debts right now. Because some debtors choose to file for bankruptcy on their own, it can either be voluntary or forced, like when a debtor can't pay $1,000 or more.
The debtor's assets are given to a court-appointed trustee or receiver, who sells them to pay the debtor's general creditors. When someone files for federal bankruptcy, all of their assets become the property of the trustee or receiver. This means that when someone files for bankruptcy, they won't have to pay any more of their debts. The exceptions are debts that aren't on the bankruptcy schedule: tax debts; alimony and support payments; liability for malicious injury or fraud; debts not on the bankruptcy schedule; and debts that haven't been paid. If you file for bankruptcy, most credit bureaus keep it on your record for ten years.
Normally, a creditor of the bankrupt who has a mortgage on real property is entitled to the money that comes from that property before the bankrupt's assets are given to other creditors. People who file for bankruptcy are usually able to get their debts paid off. But liens against their property aren't erased. Fraudulent conveyances, on the other hand, are not valid, and the trustee in bankruptcy may cancel the transfer of the debtor's property to a creditor within a certain amount of time after filing for bankruptcy. This allows a preferred creditor to get a bigger share of the debt than other creditors. One of the main goals of bankruptcy is to make sure that creditors get the same amount of money.
The bankruptcy of one of the parties to a real estate agency agreement (listing) ends the agency because the trustee in bankruptcy gets the title to the home. A real estate licensee usually isn't free from the penalties that come with paying money out of the state licensing agency's real estate recovery fund to people who were defrauded by them.
It's important for a broker who works for the debtor in a bankruptcy case to keep these three things in mind: (I) The broker must be someone who is not interested in the deal. (2) A broker must get permission from the court before they can work for you. (3) Once the sale is done, the bankruptcy court must agree to the commission, which can't be more than a reasonable amount.
Most leases and contracts for deeds say that bankruptcy of a lessee or buyer is a reason to break the terms of the deal, but this doesn't always happen. Many leases and contracts for deeds have bankruptcy default clauses that give the owner-landlord the right to evict the buyer-tenant if he or she goes bankrupt. People who live in the United States live under the Federal Government.
Bankruptcy Act, on the other hand, may make forfeiture and termination clauses that depend on insolvency or bankruptcy unenforceable.
Before foreclosure proceedings have started, the bankruptcy of the person who owes money to a trust deed note or the person who owns the house will have an effect on them if the bankruptcy is filed before the foreclosure process has started. In these cases, the trustee in bankruptcy takes ownership of the property, and the judge of the bankruptcy court must give the go-ahead for the foreclosure process. In bankruptcy, when you file a petition, the foreclosure process in state court is put on hold for good.
Other types of bankruptcy are used to reorganize and save a debtor's business. These actions have the debtor's "rehabilitation" at the top of their list of goals. It doesn't affect debts that are secured by liens, like mortgage loans or real estate taxes. It does, however, stop any foreclosure proceedings that are already in progress. A court-appointed referee is in charge of setting up the reorganization of the business. The debtor can keep the property while they work out a payment plan. Such proceedings only deal with property that isn't owned by anyone else. The court can order a halt to all actions by a mortgagee, which would stop them from foreclosing.
Bankruptcy Abuse Prevention And Consumer Protection Act Of 2005 (BAPCPA)
Lawmakers call this new bankruptcy law the "New Bankruptcy Law." It requires debtors to pass a "means test" to see if they can get rid of their medical bills, credit cards, car loans, and other debts through Chapter 7 or if they have to come up with a payment plan through Chapter 13. In addition, debtors must take a credit counselling course approved by the government within 180 days of filing for bankruptcy.
A graphical representation of scheduling data (with or without a timeline).
Bargain And Sale Deed
It used to be a contract between the buyer and seller, but now deeds are used to transfer all of the grantor's rights in a piece of land to the buyer. A bargain and sale deed usually doesn't include promises about the title of the property that is being sold. However, the grantor implies that he owns, claims, or has an interest in the property that is being sold. The courts usually say that the grantor promises only that the grantor hasn't done anything to cause a defect in title and isn't liable for defects that aren't known at the time of the grant. Trustees, fiduciaries, executors, and officers of the court often give real property they own to someone else by way of a bargain and sale deed, sometimes with a promise not to do something bad to the person who owns it.
A deed that transmits ownership interests rather than the property itself.
In this case, a sale of property for less than what it would be worth on the open market. Part of the time, the Internal Revenue Service might think of this sale as a part-gift and part-sale deal.
Surveyors use imaginary lines going east and west for guidance while finding and characterizing land using the government survey technique of property description.
1. One of a set of imaginary lines that run east and west that surveyors use as a guide when describing land under the government survey method.
2. This could be the topographic Centre line of a survey, like the path of a freeway.
A time period or starting point for calculating certain business and economic data, which is often used in escalation clauses to show how quickly things are going up. The determination of the base period is very important in commercial leases, where it is used to figure out the cutoff year before rent increases. The parties usually come up with a complicated formula for figuring out the base index, which is usually set at 100. From there, they can raise rents to keep up with rising operating costs, utilities, services, and property taxes.
Suppose that 2013 was used as the base year in a lease. If costs rose 8% in 2014 compared to 2013 prices, then the 2014 index would rise to 108 and lease rents would be raised if this was stated in the lease document.
The bare minimum of rent payments below a lease with a participation clause. Amount paid in percentage leases by retail tenants independent of the quantity of sales generated by the tenant's business. In a percentage lease, the minimum amount of rent that must be paid. This is called the "base year." In English, the second and every year after that is called a comparison year.
In some places, molding is used to make a line where the floor meets the baseboard. This is also known as a carpet strip.
Base Top Molding
Moldings have gaps between them, so they need to be filled in with a thin strip of wood. This is called a stile.
When applying the escalation clause, the year of the lease period is used as the standard. When compared to the base year, the production costs are either above or below the following year.
There is a piece of wood that goes around the bottom of the wall, running perpendicular to the floor. A baseboard covers the gap between the floor and the wall, protects the wall from scuffs, and adds a decorative touch. It's also called wains.
Groundwater contributes a percentage of streamflow; it is a constant flow that is sluggish to alter even during rainless times.
The first and mutually agreed-upon plan for the project's activity. A reference point that runs east and west and is a component of government rectangle surveys.
A room with a full-story height that is below the first floor, either completely or partially below the outside grade. It is usually not used for living space. Basement space can't be part of a home's finished gross living area at a certain level.
The weighted average cost of capital plus the equity build-up factor used to calculate the appropriate overall capitalization rate.
It is from this value that profits, loss, and depreciation are estimated for calculating taxes.
This is the amount of money the Internal Revenue Service gives to an asset so that it can be depreciated over time and how much money it makes or loses when it is sold. All property has a value that is important when it comes to taxes when it is sold. Once that value is found, it is very important for tax reasons. If you bought a piece of property, your basis is the cost of the property, the value of any capital expenditures for improvements to the property, and any cost recovery depreciation that you took or were allowed to take. If the new property is a replacement for a home sold under the two-year rollover rules of Section 1034, or if the new home is bought through an exchange or an involuntary conversion, the new home's basis is also reduced by any untaxed gains that are ""carried over." There is a new value for this property, which is called its adjusted basis.
if the donor gave the property to the donee over a long period of time, the donor's basis at the time of the gift is used to figure out how much the donee owes in gift taxes and how much depreciation the donee is allowed to take. This figure is then reduced by any depreciation the donee is allowed to take. A gift and a sale can happen in some cases, but the maximum basis is the fair value of the property at the time it was given away, plus any capital expenditures by the new owner to improve the property, minus any depreciation that was allowed or was taken by the new owner. This is called the "maximum basis."
A person who inherits something will use the "stepped-up" basis of that thing as the basis for figuring out how much money they made. This is usually what the property was worth when it was given to them, or if they chose, six months later, if they wanted to.
If the property was bought in a tax-deferred exchange, the basis of the new property is based on the basis of the old property that was traded. Often, though, tax-deferred exchanges become a little taxed because the recipient gets cash or other different property in addition to the property of the same kind. As long as cash or other goods are exchanged, the profit is taxed only if they are given as part of the deal. In this way, when a portion of a gain is recognized, the basis of what you get is based on the value of the property you traded for. This value is reduced by other property or cash you get, and the amount of taxable gain is added to the value of what you get.
Because a home is not ""property used in a trade or business"" or ""property held for the production of income,"" it is not depreciable for tax purposes. The taxpayer should keep good records and receipts of big home improvements so that the original value of the property can be raised by the amount of money that was spent on them. To figure out how much money someone made or lost when they sold something, they compare the amount of money they made or lost to how much money they made or lost on the sale.
An important thing to think about is how the base is set up. A taxpayer who buys real estate that can be depreciated has to divide the cost of the land and the improvements, which can be depreciated. Taxpayers often use the same allocation as the state tax assessor, but this is not required or binding on them. The taxpayer must also figure out how much depreciation, gain, or loss each part of the building will have. When a lot of work is done on a piece of property, the cost of that work must be added to the taxpayer's depreciable basis.
Tax advisors, tax lawyers, and commercial-investment brokers can all help real estate investors get good advice on how to make a real estate investment, but they can't help them if they don't know what they're talking about.
A tiny fraction of a percentage.
1/100 of 1% This word is used to describe the amount of change in the market price of bonds and other debt instruments, such as mortgages, over time. To give an example, 50 basis points is the difference between a 13% rate and 13% rate.
The possibility that payments from an investment do not match the required payments to bondholders. This is due to a mismatch in the indexes that the investment and liabilities are connected to.
Insurance companies, savings and loan associations, and mutual savings banks must follow certain rules when they invest their money. A provision in these rules lets them invest a small percentage of their assets in things that aren't allowed by the rules. It would be called a basket (bucket) money loan if it was made under this provision, like a high-yield second mortgage or a wrap-around mortgage. These kinds of transactions are put in a separate basket, so to speak.
Decorative strips of wood or metal are used to cover joints on both the inside and outside of a home.
Between a row of columns and the bearing wall, there is an unfinished region or space. This is often the minimum area that a building level can be divided into.
People who work in factories and warehouses often have an unfinished area or space between a row of columns and the wall that holds them up. Usually, the smallest part of a building floor that can be divided up is called a "room."
The measurement between the corridor wall and the actual window or wall.
In a room, a window that is part of a bay, extends from the wall, and is held in place by its own foundation.
Land near a sea, lake or river. If the tide goes up and down over the land, it is called tideland; land that isn't affected by the tide is called shore/and.
A part of a structure that holds a load in two directions.
0° to 90° is a term used in surveying to describe the direction of a course or distance in relation to true north or south.
Bearing Wall (Muro De Carga)
People call this "load-bearing" wall because it usually holds up the roof above. In a condominium, all of the walls that support the structure are owned by the apartment owners. Non-bearing walls, like some partitions, are owned by the apartment owners.
A part of a single-family home that is rented out for a short time, usually in a vacation area. Breakfast may also be served in the home of the owner. Local laws should be checked to see if homestays can be used.
The solid rock that is under the soil and other things that are on the ground.
A part of the community that serves as a home for people who live in a nearby or next-door metropolis. Also known as a "dorm town."
It's called the federal rule because it's used to figure out how much land should be compensated for when it's been taken by the government. Property taken: The difference in value between the value of the whole thing before it was taken and what it is worth now. If you use the before-and-after method, the amount of compensation you get in a condemnation case for taking land and severance damages is the difference between the value of the whole thing before and the value of the rest after. This is how you figure out how much money you'll get in the end.
People sometimes get more money for their homes after they're taken away. This ""special benefit,"" however, could lower their federal condemnation award. In most states, special benefits can only be used to pay for severance damages, not the part that was taken.
There are also times when appraisers use the before-and-after method to figure out whether the value of a home went up more than the costs of modernizing it.
Before-tax cash flow (BTCF)
Net operational profits for the year minus yearly debt service. Prior to paying income taxes, the cash flow is accessible.
Before-tax cash flow multiplier
The equity split by the before-tax cash flow is the return technique.
Before-tax equity reversion (BTER)
The net selling revenues less the mortgage loan's outstanding balance. The difference between the estimated sales price and any selling expenses, minus any outstanding mortgage amount at the point of transaction.
The term is used when a real estate project or business doesn't work out.
Benchmark (Punto De Referencia)
A criterion used to assess the relative performance of a certain asset or management operating on behalf of an investor.
1. A standard from which specific estimates are made.
A permanent reference mark (PRM) is a mark that is permanently attached to a durable object, like an iron post or a brass marker that is embedded in a sidewalk. It is used to establish elevations and altitudes above sea level over a surveyed area; it is also used in tidal observation. The PRM is also used to measure the height of the tides.
The heights are based on the official datum, and each benchmark has its own official height. Thus, a surveyor can start at any point in order to measure the elevation. Surveyors use the base elevations set by the U.S. Geological Survey when there is no datum for a place where they work.
2. In this case, a major court decision that is used as a precedent or guideline for future decisions.
Update and/or revise a data series in response to new information or methodological modifications.
Beneficiary (Beneficiario, Fideicomisario)
A person who has received or will get benefits in the form of particular actions.
Real owner: The person who gets something from someone else's gifts or actions, like in the case of someone who is named to get the money from an insurance policy or a will. The trustee only holds legal title. With a trust, the trustee has the legal title, but the beneficiary gets to enjoy the benefits of owning the things that are in the trust.
In the case of a deed of trust, this is a statement of how much money is still owed and how it is being paid off.
Benefit cost ratio
An different financing technique for calculating the ratio of benefit to cost, usually on a payback period basis.
This is a rule of damages that allows a buyer who was defrauded to get the difference between how much money he or she lost when they bought something and how much money he or she lost when they bought something else.
Measurable returns created by the project after completion.
People who have had their private property taken in an eminent domain case have seen their lives get better as a result. Benefits can be general, which help all the properties in the area, or specific, which help only the subject property or a very small group of properties.
A low, linear earth and dirt mound.
A bequest is when you leave something to someone else in your will. To leave real estate in your will is to make a will. In modern language, the word "bequeath" is used a lot to talk about giving something away in a will, whether it's real or personal property.
The break-even ratio, which determines if the property's income is sufficient to cover all operating expenses as well as all mortgage repayment obligations.
It's like a ledge or shoulder, like at the edge of a paved road.
An insurer of a restricted partnership's effort in raising equity for a deal.
When a manager exposes a client's capital to the market and takes a certain degree of market risk, the result is called a market return.
Improvements to real property, like adding a sidewalk or road, that make the property more valuable. Measure of value is not how much the improvement costs, but how much it adds to the value of your home. It doesn't come from buying new property, and it's not just a simple restoration of the property. It's a capital expense, not a repair or replacement.
Taking place twice a year, or semiannually. People might have to pay real estate taxes twice a year, in November and May.
The price that a person is willing to pay.
1. An offer to buy a piece of property for a certain amount, such as at an auction, foreclosure, or probate sale.
2. Sometimes the owner of a piece of property that is being sold will bid to protect it.
A functional relationship that represents the exact maximum rent that a company with a certain profit profile may pay while still finding it worthwhile to stay in business.
Model of how land users compete for site that exposes impacts on how land use density is established, how competing urban land uses sort out their locations, how urban land value is determined, and why land uses vary over time.
An agreement where both parties must fulfil their obligations.
Bill of sale
A written document that transfers actual title of the property from a sales perspective.
An advance payment deposit is a payment made to protect a piece of real estate under terms agreed.
A loan that covers multiple pieces of real estate. The commitment of two or more pieces of property as security for a single debt.
Blended rate mortgage
A rate of interest that applies to a refinanced mortgage and is calculated as the average of the past and present rates.
A real estate investment trust that has received funds but has yet to invest in any properties.
A company's business investment in which the property is not identified in advance but is purchased after the funds have been raised.
Blind pool syndication
A sort of limited partnership in which the promoter gathers a group of investors to acquire an undesignated asset of a specified type.
Blue sky laws
States enacted that safeguard the public from securities fraud.
Board of adjustment
In municipal zoning law, a board of citizens selected by the governing body to hear and rule on zoning variance appeals. The board of adjustment is special in that its decisions are definitive rather than just suggestions to the governing body. They can only be challenged in court.
A legal corporation in charge of the administration and upkeep of a unit site's common areas. It is made up of a group of owners who have elected a committee.
Owners of offices, dwelling units, flats, townhouses, and other communal property forms a legal administrative group.
Body Corporate Levy
The fee that a group of people pay to a body corporate to pay for things like administrative costs for the group's common property.
The Building Management teams Association is a non-profit organization that represents building managements.
BOMA standard method
BOMA created a standard way to measure office building.
Real, truthful, and sincere
The initial cost of the property includes the amount of any modifications, less any tax deductions. This is the value that is recorded in the financial statements of the owner. The value at which assets are recorded on a company's books of account (i.e., its accounting records); typically, cost minus accrued depreciation or cost recovery allowances.
A similar asset is added in a property trade to balance the transaction's value. Assets are obtained in return for what would otherwise be an exchange of totally like-kind assets. Boot receipt may result in tax liability in what would otherwise be a tax-deferred transaction.
A method for creating an analysis using the most disaggregated data available.
Bottom-Up Approach To Investing
A top down investing strategy in which large-scale trends in the general economy are examined and assets selected that are likely to benefit from those trends, as opposed to bottom up investing in which large-scale trends in the general economy are examined and assets selected that are likely to gain from those trends.
Breach of contract
A breach of a contract's terms that results in a default.
The term refers to fixed rate loans where the borrower ends the loan contract before the fixed rate period is over.
Break-even cash flow ratio
The actual total earnings as a percentage of overall operating costs including debt service.
The amount of money needed to cover all operational expenses as well as debt payments.
This ratio assesses a property's ability to meet its commitments by dividing its operational expenses, capital expenditures, and debt payment by its prospective gross income. The link between cash spending requirements and gross revenue from an investment project. A default ratio is a term that is used sometimes.
Between the end of one loan and the start of another, a loan application is used.
A short-term loan is used to cover the time between paying for one property and getting paid for another.
A short-term loan is used to buy a new home before you sell your old home.
A person who acts as a middleman between two parties. For the services provided, this person is paid a commission. Who works as an agent for another in the process of purchasing, selling, leasing, or managing property rights in exchange for a commission.
The permission provided by a state to run a real estate brokerage firm; the most comprehensive sort of real estate licence.
A person who is authorised to offer securities by the Director of Corporations.
Broker's rate of return
A rate-of-return metric that modifies the cash-on-cash return to incorporate equity build-up from debt amortisation, resulting in a slightly higher return than the cash-on-cash measure.
A broker's business that encompasses all of the duties required to advertise a seller's property and represent the seller's (principal's) best interests.
The cash flow before taxes
Equity reversion prior to taxation
A forecast of a property's costs and revenues over a given time period.
- A zone around the perimeter of a marsh or lake where land use activities are restricted in order to protect the water features;
- A predetermined distance around any map feature in a GIS layer.
An arrangement between a builder and a booking in which the developer bears responsibility for fitting up the leased space to the renter's specifications while adhering to building codes. When the space is finished, the tenant takes possession. With this arrangement, the developer grants permission to a financially powerful tenant to construct a structure according to the tenant's specifications. This agreement ensures that the tenant will have the space they need when it is needed, and it ensures the owner/builder that the space will be completely leased upon completion.
Land improvements built to the specifications of a renter or buyer.
Regional government entities set standards to ensure that limited security needs are fulfilled. The set of legislation defines minimum requirements for new building construction or alterations to existing structures. Building rules are meant to provide the bare minimum of protection against fire damage and to protect against defective building design.
A multi-story structure's centre or artery portion that unifies functions and service needs for existing building occupants. Bathrooms, elevator banks, janitorial spaces, utility rooms and mechanical rooms, smoke shafts, and stairwells are examples of such areas.
An inspection is usually done before you buy a house to make sure it's safe to live in. To make a deal, you can make it if the building inspection goes well.
To protect their home from things like fire and landslides, the owner of the home took out a policy to cover it. Buyers often have to insure their new home when they sign a contract.
A regular distance, usually measured from a road, behind which structures must be built
A unit of depth and diameter that can be used to standardize a building's plan and facilitate the design and layout of office space. Many of the physical system's elements are constrained in size and shape by the module. Nonmodular buildings, on the other hand, can cause a slew of issues during the design phase.
Building Owners And Managers Association International (BOMA)
A trade organization for apartment and office building owners and operators.
The consent that must be secured from the state governmental authority before building may begin.
Laws that establish material and construction standards that must be followed in order to ensure health, safety, and specific design minimums in any structure or alteration.
The completed outer layer and interiors are applied on the structure of the building.
All of the materials used to create the building's outside casing.
The building owner and architect have set particular construction standards in order to ensure a uniform element of design across the structure and to establish a cost foundation for setting up the charges and/or concessions.
Specific interior finishes are built to a tenant's specifications.
A loan in which the full principle is repaid in a single payment at maturity.
Bundle of rights
A concept that considers real estate interests to be a collection of land ownership.
Risk resulting from the prospect of making poor business judgments or misjudging the economic implications of activities.
Buy-back sales agreement
A clause in a sales contract in which the seller commits to buy the property again in the future.
A contract between two parties in which one of them can buy the other's interest.
The deposit of new revenue in order to lower the interest rate on a loan.
Buyer agency agreement
A real estate brokerage contract between a buyer and a real estate agent. The broker is paid if he or she successfully locates a property for the buyer to purchase.
A service that helps people find a home that fits their needs.
A person who locates and negotiates a property purchase on behalf of a potential buyer for a fee.
When there are more sellers than buyers in a property market, the buyer has the option to negotiate the best purchase rates and terms.
The fee you pay an agent to assist you in acquiring a specific style of building.
A system of rules by which a company or organisation conducts its operations or activities.