Real Estate Terms
Click on a link below for
an alphabetized list of Real Estate and Mortgage Terms.
The period of time after construction has started but
before the certificate of occupancy has been issued.
The period of time after a seller has accepted a buyer's
offer to purchase a property and during which the buyer
is able to perform its due diligence and finalize financing
arrangements. During this time, the seller is precluded
from entertaining offers from other buyers.
A company, usually an investment banking firm, that
guarantees or participates in a guarantee that an entire
issue of stocks or bonds will be purchased.
Property that is free of liens and other encumbrances.
Most commonly refers to land without improvements or
buildings but also can mean land in its natural state.
Typically the most subordinated classes of CMBS.
UPREIT (Umbrella partnership real estate investment
Organizational structure where a REIT's assets are owned
by a holding company for tax purposes.
Usable square footage
The area contained within the demising walls of the
tenant space that equals the net square footage multiplied
by the circulation factor.
The specific purpose for which a parcel or a building
is intended to be used or for which it has been designed