The owner pays for any CAM expenses exceeding that amount The maximum amount for which the tenant pays its share of common area maintenance costs. The role of a firm when it acts as an agent for a customer and charges the customer a commission for its services.Ī sum of money paid by a tenant and held by the Tenancy Services to ensure against defaulting on payment and damage to the property. Īn individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. Once the property is sold then the bridge loan is repaid. It is calculated by dividing the annual base rent by the negotiated percentage applied to the tenant’s gross sales.Ī bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. The sales threshold over which percentage rent is due. The annual base rate is the amount upon which escalations are calculated.īoard approval is a condition in the standard cooperative sales contract requiring that the buyer obtain approval from the board of directors of the cooperative corporation as a prerequisite to completing the sale. This is a face, quoted, contract amount of periodic rent. The final payment of the balance due on a partially amortized loan. In a poorly designed building, the usable area may be considerably less than the rentable area.Ī clause in a contract that gives the lender specific rights in the event that the mortgaged property is sold or transferredĪmortization is the periodic payment of principal and interest on a liability (including a mortgage), or the write-off of a non-depreciable asset over a scheduled term. Non-usable square footage includes space shared with other tenants (such as lobbies, hallways, stairwells, elevators and restrooms) or occupied by structural components (such as support poles and interior walls). The result of this calculation will be 1 if the two numbers are identical, but it is usually slightly lower than 1 because some square footage in a building will be partly or totally non-unusable. The number of usable square feet divided by the number of rentable square feet in a commercial real estate lease. This record gives detailed information on the type of land and the use of this land. Acquisition fees may be paid up front by the buyer or lessee or added to the loan amount and paid over the term of the loan.Īn Adangal is an extract from A – register which is maintained at the VAO office. Acquisition fees may also refer to charges and commissions paid for the acquisition or purchase of property, such as closing costs, real estate commission, and development/construction fees. The amount of inventory or units of a specific commercial property type that become occupied during a specified time period (usually a year) in a given market, typically reported as the absorption rate.Ī fee charged by a lessor to cover the expenses incurred in arranging a lease. The number of months it would take to sell the currently listed homes in the market. Here’s our comprehensive real estate glossary to help you understand the real estate jargons well. There are many abbreviations used in real estate industry.
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