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Glossary of Real Estate Terms
This Glossary has
been provided as a courtesy to assist you in
gathering information relative to real estate.
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Parking Ratio or
Index:
The intent of this ratio is to provide a uniform
method of expressing the amount of parking that
is available at a given building. Dividing the
total rentable square footage of a building by
the building’s total number of parking spaces
provides the amount of rentable square feet per
each individual parking space (expressed as
1/xxx or 1 per xxx). Dividing 1000 by the
previous result provides the ratio of parking
spaces available per each 1000 rentable square
feet (expressed as x per 1000). |
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Partial Taking:
The taking of part (a portion) of an owner’s
property under the laws of
eminent domain. |
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Pass Throughs:
Refers to the tenant's
pro rata share of
operating expenses (i.e. taxes,
utilities, repairs) paid in addition to the base
rent. |
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Percentage Lease:
Refers to a provision of the lease calling for
the landlord to be paid a percentage of the
tenant's gross sales as a component of rent.
There is usually a base rent amount to which
"percentage" rent is then added. This type of
clause is most often found in retail leases. |
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Performance Bond:
A surety bond posted by a contractor
guaranteeing full performance of a contract with
the proceeds to be used to complete the contract
or compensate for the owner’s loss in the event
of nonperformance. |
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Plat (Plat Map):
Map of a specific area, such as a subdivision,
which shows the boundaries of individual parcels
of land (e.g. lots) together with streets and
easements. |
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Power Of Sale:
Clause inserted in a mortgage or
deed of trust giving the mortgagee (or
trustee) the right and power, on
default in the payment of the debt
secured, to advertise and sell the property at
public auction. |
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Precast Concrete:
Concrete components (i.e. walls) of a building
which are fabricated at a plant site and then
shipped to the site of construction. |
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Preleased:
Refers to space in a proposed building that has
been leased before the start of construction or
in advance of the issuance of a
Certificate of Occupancy. |
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Prime Space:
This typically refers to
first generation (new) space that is
currently available for lease and which has
never before been occupied by a tenant. |
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Prime Tenant:
The major tenant in a building or, the major or
anchor tenant in a shopping center
serving to attract other, smaller tenants into
adjacent space because of the customer traffic
generated. |
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Pro rata:
Proportionately; according to measure, interest,
or liability. In the case of a tenant, the
proportionate share of expenses for the
maintenance and operation of the property.
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Punch List:
An itemized list, typically prepared by the
architect or construction manager, documenting
incomplete or unsatisfactory items after the
contractor has notified the owner that the
tenant space is substantially complete. |
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