The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law

Any broad area of water; also any broad group of islands.

Definition:
1. One form of a shell lease, an arctic shell is a commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without insulation, lighting, plumbing, ceilings, electricity, elevators, or interior walls. An arctic shell is ready for warm shell or vanilla shell improvements (VSI) as well as tenant improvements (TI's), which are to be completed by the tenant once the lease agreement has been negotiated and executed. In many cases, the landlord will offer financial incentives in the form of a tenant improvement allowance (TIA), which pays for or at least partially defrays the cost of any improvements necessary for the tenant to occupy the building itself. Tenant improvement allowances do not usually include furniture, fixtures, and equipment (FFE) or trade fixtures necessary for the tenant to conduct business. Usually vanilla shell improvements (VSI), or those improvements necessary to upgrade the building from a cold shell or base shell state, are not completed until the lease agreement between the tenant and landlord has been negotiated and executed. This ensures that the landlord does not pay for improvements that are unnecessary or that the tenant does not want.

2. The lease agreement or contract for an arctic shell building. A proper arctic shell lease should describe in detail the vanilla shell improvements (VSI) and tenant improvements (TI's) that are to be completed, and any other information necessary for construction of the building to be completed (commonly known as build-out) prior to tenant occupancy.

More or less the same as Cold shell, Bare shell, Base shell, Cold dark shell, Cold dark box, Dark shell, Dark box, Grey shell, or Grey box.


Discussion: Like many real estate terms and phrases, practical use and meanings of those terms associated with shell leases (e.g., vanilla shell, base shell, cold shell, warm shell, etc.) differ by location and situation, sometimes even within the same region or municipal area. As they say, the devil is in the details. The lease or sales contract should clearly and exactly specify the degree to which construction of any sort of "shell" or "box" building has been or will be completed prior to tenant occupancy. As either a tenant or landlord, you should not assume that the other party's definitions of shell lease terminology are the same as yours. Get it in writing, and make sure you understand and agree with all the terms and conditions of the shell lease agreement before you sign. If necessary, have a real estate attorney review the contract prior to its execution.

Shell leasing and its various forms (warm, cold, base, etc.) are used primarily in commercial real estate, but are gaining popularity in upscale condominiums and townhouses and other high-end residential real estate transactions. The idea is to attract either tenants or buyers, or both, by offering customizable living units. Financial incentives in the form of tenant (or buyer) improvement allowances afford new residents the opportunity to select nearly all aspects of interior decor, including relatively large projects such as plumbing and fixtures, wiring, and interior walls.


Terms, Definitions, and Concepts: Real Estate, Construction and Building, Appraisal, Auction, Finance and Investment, Management

Department of Arizona state government that oversees and regulates real estate transactions and enforces real estate statutes, particularly Arizona Revised Statutes (A.R.S.) Title 32, Chapter 20 - the Code of Real Estate.

The Department of Water Resources is Arizona's state water management agency. Created during enactment of the Groundwater Management Code (1980), the department is charged with securing long-term water supplies for communities within the State of Arizona. Principal duties of ADWR include implementation of the Groundwater Management Code, registration of all surface and groundwater rights, ensuring the safety of non-federal dams, assisting with local management of floodplains, and representing Arizona in interstate water discussions.

An inlet from the sea or other body of water.

1. Any transaction in which the two parties are unconnected and have no overt common interests. Such a transaction most often reflects the true or fair market value of a property. 2. Completion of a sales contract between a seller who is willing but not compelled to sell and a buyer who is willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used, under normal conditions on the open market.

Unit of area measurement (usually applied to land) equal to approximately 5/6th of an acre, used in France, Louisiana, and Quebec. One (1) arpent is equal to 0.8448 acres or about 36,800 square feet. For more arpent conversions, see arpent equivalents or conversions or converting arpents.

One (1) arpent is equal to approximately 5/6th of an acre. One (1) arpent is equal to 0.8448 acres. One (1) arpent is equal to 36,800.6256 square feet. One (1) arpent is equal to 4,088.9584 square yards. One (1) arpent is equal to 135.1716 square rods, poles, or perches. One (1) arepent is equal to 8.4482 square chains. One (1) arpent is equal to 3.3793 roods. One (1) arpent is equal to 0.0013 square miles or sections. One (1) arpent is equal to 0.000037 townships. One (1) arpent is equal to 3,18.89 square meters. One (1) arpent is equal to 0.3419 hectares. One (1) arpent is equal to 0.0034 square kilometers.

A deep gully made with an intermittent stream; a dry gulch.

Water rising to the surface under internal hydrostatic pressure.

Wells made by drilling into the earth and finding water which flows spontaniously from internal pressure. Like a fountain.

Definition: "As is" describes property offered for sale in its present state or condition, with no warranties or promises made as to its value or suitability for a specific use. Buyers must take care to practice due diligence when purchasing property offered "as is".
Sometimes referred to as "As is, where is" or "In its present condition".

Terms, Definitions, and Concepts: Appraisal, Auction, Legal (Law), Management, Real Estate

Definition: An iterative auction where bids may only increase, usually in increments determined by the auctioneer.

Terms, Definitions, and Concepts: Auction, Real Estate

The direction in which a slope faces, usually recorded as a bearing or azimuth.

The value of real property as established by the state government for purposes of computing real property taxes

A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges.

The comparative relationship of a property's assessed value to its market value.

The jurisdictional official who performs the assessment and assigns the value of a property.

Any item of value which a person owns.

The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others.

The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments

Program of Arizona Department of Water Resources Office of Assured and Adequate Water Supply. This program operates within designated Active Management Areas (AMA) to ensure the availability of water for new subdivisions for the next 100 years. A public report from the Arizona Department of Real Estate (ADRE) that allows subdivision lots to be sold will only be issued if the 100-year water supply has been demonstrated to be legally, physically, and continually available.

A small island the shape of a ring or horseshoe; formed by deposits of coral sea animals

Any number of houses or other dwellings which are physically attached to one another, but are occupied by a number of different people. The individual houses may or may not be owned by separate people as well.