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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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D
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E
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F
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G
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H
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I
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M
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N
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O
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P
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U
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X
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U |
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Under Construction:
When construction has started but the
Certificate of Occupancy has not yet
been issued. |
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Under Contract:
A property for which the seller has accepted the
buyer’s offer to purchase is referred to as
being “under contract”. Generally, the
prospective buyer is given a certain period of
time in which to perform its due diligence and
finalize financing arrangements. During the
period of time the property is under contract,
the seller is precluded from entertaining offers
from other buyers.
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Unencumbered:
Describes title to property that is free of
liens and any other encumbrances. Free and
clear. |
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Unimproved Land:
Most commonly refers to land without
improvements or buildings but can also mean land
in its natural state |
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Use:
The specific purpose for which a parcel of land
or a building is intended to be used or for
which it has been designed or arranged.
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Usable Square Footage:
Usable Square Footage is the area contained
within the demising walls of the tenant space.
Total Usable Square Footage equals the Net
Square Footage x the Circulation Factor. |
