A partnership formed by two or more persons having as members one or more general partners and one or more limited partners

A maximum amount of money a bank will lend one of its more reliable and credit worthy customers without need for any formal loan submission

A unit of length used in land surveys, named for the links of the chain formerly used by surveyors. There are 100 links in one (1) chain. One (1) link is equal to 0.66 feet, 0.04 rods, 0.01 chains, or 0.20 meters.
For equivalents, conversion factors, and examples, see Link equivalents and conversions and the various Converting links to... entries.

A link is a unit of length used in land surveys.
One (1) link is equal to 0.66 feet.
One (1) link is equal to 0.01 chains.
One (1) link is equal to 0.001 furlongs.
One (1) link is equal to 0.04 rods, poles, or perches.
One (1) link is equal to 7.92 inches.
One (1) link is equal to 0.22 yards.
One (1) link is equal to 0.0001 miles.
One (1) link is equal to 20.1168 centimeters (cm).
One (1) link is equal to 0.2012 meters (m).
One (1) link is equal to 0.0002 kilometers (km).
See the various Converting links to... entries for conversion examples.

An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract

The ability to sell an asset and convert it into cash at a price close to its true value

A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. Lis Pendens is a Latin term which means action pending and is in the nature of a quasi-lien.

A written employment agreement between a property owner and a broker authorizing the broker to find a buyer or a tenant for a certain real property

Definition:
1. One form of a shell lease, a lit shell or lit box is a commercial or residential building with a minimally finished interior, usually with drop ceilings, lighting, plumbing, interior walls (painted or unpainted), electrical outlets or conduits, elevators, rest rooms, and a concrete floor. A lit shell may or may not have heating, ventilation, and air conditioning (HVAC). A lit shell is considered ready to lease and ready for tenant improvements (TI's). In many cases, the landlord (the lessor) 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 (the lessee) 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 lit shell improvements (also known as 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 a lit shell building. A proper lit shell lease should describe in detail the 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.

Also known as a Lit box.
More or less the same as Vanilla shell, Vanilla box, Plain vanilla shell, Plain vanilla box, Plain white box, Plain white shell, Tropical shell, Warm lit shell, Warm lit box, Warm shell, Warm box, Warm vanilla shell, Warm vanilla box, Warm white box, Warm white shell, White box, White shell, or White box shell.


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

An extension of the landward property line into the lake on a line perpendicular to the shore.

Land bordering on the shore of a sea or ocean and thus affected by the tide currents

Rights concerning properties abutting the lake.

A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms

The ratio of the amount finances (loan amount) to the appraised value of the property or the sales price, whichever is lower. Commonly abbreviated as LTV.

Enclosed part of a canal or river equipped with gates for raising or lowering the level of the water in order to raise or lower ships

Latin for under seal , used in the abbreviated form, L.S., at the end of signature line in some formal legal documents; used instead of the actual seal

A formula, table, or index that gives estimates of timber volumes based on lengths and diameters of logs (cut or standing timber). Also known as log scales, log rules vary by tree species, geographic location, stocking level of the stand, and other factors.

The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed

Fractional or odd-shaped tracts of land not generally describable by conventional aliquot parts. Lots are sometimes expressed as Lot 12 or Lot 12a. If a lot is included in a description of land, it will be denoted in the aliquot parts as a one- or two-digit number and may include a lower case alphabet. For example, Lot 12a of the north-west quarter is denoted as 12aNW in the aliquot parts field.

1. (n.) Timber or logs that have been sawed, split, or planed into wood used to frame or build structures. 2. (n.) Discarded or unused articles or other chattels such as furniture that have been stored. 3. (v.) To harvest or remove timber and convert it into building materials.