Real Estate Glossary

A common synonym for condemnation or eminent domain.

Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.

(i) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (ii) A federal income tax lien. May attach to all property of the person owing the taxes.

A list containing the descriptions of all parcels in the county, the names of the owners (or those receiving the tax bill), assessed values and tax amounts.

(i) A holder of property under a lease. (ii) Originally, one who had the right to possession, irrespective of the title interest.

One who holds possession of premises by permission of the owner or landlord, but without agreement for a fixed term.

Improvements to land or buildings to meet the needs of tenants. May be new improvements and may be paid for by the landlord, the tenant, or shared. See Also: Leasehold Improvements

Clause used in contracts to bind one party to performance at or by a specified time in order to bind the other party to performance.

The means whereby one has just and full possession of real property.

Insurance against loss resulting from defects of title to a specifically described parcel of real property. Defects may run to the fee (i.e. chain of title) or to encumbrances.

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

Total square footage of rentable office or industrial space, vacant and occupied, ready for tenant finish. Includes owner-occupied space.

Personal property used in a business and attached to a structure, but removable upon sale because it is deemed to be part of the business, not of the real estate.

Rent stipulated in a lease in which the tenant agrees to pay a share of the landlord's operating expenses or real estate taxes for the building proportionate to the amount of space it occupies. See Also: Full Service Rent

A project in which the developer is responsible for the total completion of a building (including interior design and construction) or demised premises to the customized requirements of a future owner or tenant.