Glossary of Real Estate Terminology

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Here are some common real estate terms and their meaning


As-Is

The existing condition of real estate, prior to any improvements contemplated under a lease.


Assignment

The transfer of leasehold interest in a property to another party.


BOMA

Building Owners and Managers Association which, among other things, established widely accepted methods of measuring and computing square footage in commercial buildings.


Base Rent

The minimum monthly rent, usually computed on a per- square-foot-per-year basis, due under the lease.


Build-Out

Construction of the Tenant’s space (usually office space), reconfiguring of existing improvements.


Build-To-Suit

A customized design and build approach resulting in a single occupant building which is then leased or sold to a party.

Commercial Property

Other than single-family residential housing Owned or leased property such as office, multi-tenant, research, retail and industrial properties.


Commission

The fee paid to a real estate brokerage as procuring cause and/or for their services rendered in a real estate transaction May be paid by either party in a transaction; it is usually governed by a prior written agreement.


Demising Wall

The wall which separates a tenant's suite from another tenant's suite, or building common areas.


Rent Escalation

The mechanism in a lease which increases the rent during the term, usually annually May be outlined in fixed rents over the term or by increases relating annually to the Consumer price index.


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