Real Estate Glossary

Land adjoining a river that would flood if the river overflowed its banks.

The ratio of the bulk area of a building to the land on which it is situated. Calculated by dividing the total square footage in the building by the square footage of land area.

A force that cannot be controlled or resisted. In other words, something beyond the control of the parties involved. Includes acts of God (e.g., flood, tornadoes, etc.) and acts of man (e.g., riots, strikes, arson, etc.).

A proceeding, in or out of court, designed to extinguish all rights, title, and interest of the owner(s) of property in order to sell the property to satisfy a lien against it.

A borrowing with an unconditional guaranty. Should the borrower become delinquent under a full recourse loan, he or she must accept full responsibility for the loan.

A rental rate that includes operating expenses and real estate taxes for the first year. The tenant is generally still responsible for any increases in operating expenses over the base year amount. See Also: Pass Throughs

Design of a structure or facility that increases its overall efficiency and provides maximum user acceptance; a parking concept plan showing traffic flow, stall geometry, and other features that determine the interior design of parking facilities.

When a property's value decreases due to its poor or outdated design, style or lack of modern facilities.

The party that contracts for the construction of an entire building or project, rather than a portion of the work. The general contractor hires subcontractors, (e.g., plumbing contractors, electrical contractors, etc.), coordinates all work, and is responsible for payments to the subcontractors.

A member of a partnership who has authority to bind the partnership. A general partner also shares in the profits and losses of the partnership. See Also: Limited Partnership

A lease, generally long term in nature, with varied rental payments and usually based on periodic appraisal or simply the passage of time.

To transfer an interest in real property; either the fee or a lesser interest, such as an easement.

One to whom a grant of property or property rights is made; generally, the buyer.

One who grants property or property rights; generally, the seller.

Absorption is a measure of the amount of office space leased over a period of time. Gross absorption is a measure of the total square feet leased over a period of time with no consideration for office space vacated in the same area during the same period. See Also: Net Absorption