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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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F
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G
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H
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L
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M
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N
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O
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P
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R
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U
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Warranty of Possession:
This is the old "quiet enjoyment" paragraph,
which of course had nothing to do with noise in
and around the leased premises. It provides a
warranty by Landlord that it has the legal
ability to convey the possession of the premises
to Tenant; the Landlord does not warrant that he
owns the land. This is the essence of the
landlord’s agreement and the tenant’s obligation
to pay rent. This means that if the landlord
breaches this warranty, it constitutes an actual
or constructive eviction. |
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Warranty of Possession:
This is the old "quiet enjoyment" paragraph,
which of course had nothing to do with noise in
and around the leased premises. It provides a
warranty by Landlord that it has the legal
ability to convey the possession of the premises
to Tenant; the Landlord does not warrant that he
owns the land. This is the essence of the
landlord’s agreement and the tenant’s obligation
to pay rent. This means that if the landlord
breaches this warranty, it constitutes an actual
or constructive eviction.
Weighted Average Rental
Rates:
The mean proportion or medial sum made out of
the unequal rental rates in two or more
buildings within a market area.
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Workletter:
A list of the building standard items that the
landlord will contribute as part of the tenant
improvements. Examples of the building standard
items typically identified include: style and
type of doors, lineal feet of partitions, type
and quantity of lights, quality of floor
coverings, number of telephone and electrical
outlets, etc. The Work letter often carries a
dollar value but is contrasted with a fixed
dollar tenant improvement allowance that can be
used at the tenant’s discretion. |
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Working Drawings:
The set of plans for a building or project that
comprise the
contract documents that indicate the
precise manner in which a project is to be
built. This set of plans includes a set of
specifications for the building or project. |
