Real Estate Glossary

Planned buildings for which construction has started but have not yet been granted a Certificate of Occupancy. Planned buildings are not included.

A property for which a purchase offer has been accepted by the seller is said to be "under contract." Generally, the prospective buyer is given a certain period of time in which to perform feasibility studies and finalize financing arrangements. During the time, the seller cannot entertain offers from other buyers unless the purchase contract is allowed to expire without going to closing.

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

Most commonly refers to land without buildings; it can also mean land in its natural state. See Also: Raw Land

Specific purpose for which a parcel of land or a building is designed, arranged, intended, occupied, or maintained.