Real Estate Glossary

Existing space which is currently being marketed for sale or lease, excluding sublet space.

A permit that grants a property owner relief from certain provisions of a zoning ordinance when, because of the particular physical surroundings, shape or topographical condition of the property, compliance would result in a particular hardship or practical difficulty which would deprive the owner of the reasonable use of the land or building involved.

Purchaser or "buyer," generally used in real property context.

The person who transfers property by sale. Another word for "seller." Commonly used in land contract sales.

A binding promise made at the time of a sale whereby the seller gives the buyer certain assurances as to the condition of the property.

The deterioration or loss in value caused by the tenant's normal and reasonable use. In many leases the tenant is not responsible for "normal wear and tear."

Rental rates averaged to the amount of space available in each building per market area.

The set of plans for a project that, in combination with a set of specifications, comprise the contract documents indicating the exact manner in which a project should be built. See Also: Contract Documents

The standard building items that the landlord contributes as part of the tenant improvements. Examples of standard building items are: doors, partitions, lights, floor covering, telephone outlets, etc. The Workletter may specify quantity and quality of the materials to be used and often carries a dollar value.

The process by which a borrowers attempts to negotiate with a lender to restructure the borrower's debt rather than go through foreclosure proceedings.

A method of regulating use of real estate by dividing a city or other area into zones and designating which uses may be permitted for land in each zone.

The set of laws and regulations, generally at the city or county level, that control the use of land and construction of improvements in a given area or zone.