Real Estate Glossary

A mortgage that ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts as liens at the same time. Legal priority determines the designation first, second, third, etc.

Space which has been previously occupied and becomes available for lease. Includes both re-let and sublet space.

Generally, a deposit of money by a tenant with a landlord to secure performance of a lease.

The distance from a lot line or other reference point, within which no structure may be located.

Part of a zoning ordinance that regulates the distance from the lot line to the point where improvements may be constructed.

The study of a specified parcel of land (and the surrounding area) to determine its suitability for a specific use.

All improvements made to a site before-a building may be constructed, such as grading, utility installation, etc.

A detailed plan, to scale, depicting development of a parcel of land and containing all information required by the zoning ordinance. See also "Master Plan."

The exposed wearing surface laid over the structural support beams of a building.

That portion of equity investment that may be tax-deductible in the first year. See Also: Hard Dollars

Sometimes called the preliminary plan. A graphic representation of a tenant's office space requirements, showing wall and door locations, room sizes, and some furniture layouts.

Any special charge levied against real property for public improvements (e.g., sidewalks, sewers, etc.) that benefit the assessed property.

A lawsuit in which the court compels one of the parties to perform or carry out the provisions of a contract into which he has entered.

Any prime space that has not been leased to a tenant prior to commencing construction on a new building.

A lease calling for set increases in rent at set intervals.