A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period, and continue for an uncertain time until proper notice of termination is given.

A long-term loan, as opposed to an interim loan

All property other than real property. Personal property is distinct from real property in that it is moveable (not attached or affixed). Exceptions are made for trade fixtures or furniture, fixtures, and equipment (FFE), which can be attached, but are still considered personal property. Also known as personalty or chattels, personal property can be tangible (things or objects owned) or intangible (rights and relationships that are included in ownership). Tangible chattels include all objects that one owns, such as vehicles, clothing, houseplants, small appliances, etc. Examples of intangible chattels include patents, copyrights, royalties, and community property relationships. Transfer of personal property is done through a bill of sale, a will, intestate succession, or by court order (judgment).

Definition:
1. (n.) Area of plain or rolling land along the foot of a mountain range
2. (adj.) Located at the base of a mountain or mountain range.

Terms, Definitions, and Concepts: Ecology, Geography, Geology, Science

Structure built out over water and supported by pillars, used as a docking or loading place for ships

A joint loan with two lenders sharing a single mortgage

Nearly level area of land, usually of considerable size

Definition:
1. One form of a shell lease, a plain vanilla shell is a commercial or residential building with a minimally finished interior, usually with ceilings, lighting, plumbing, heating and cooling (HVAC), interior walls (painted or unpainted), electrical outlets, elevators, rest rooms, and a concrete floor. A plain vanilla 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 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 plain vanilla shell building. A proper vanilla 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 Plain vanilla box.
More or less the same as Lit shell, Lit box, Vanilla shell, 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, Manageme

Definition:
1. One form of a shell lease, a plain white box is a commercial or residential building with a minimally finished interior, usually with ceilings, lighting, plumbing, heating and cooling (HVAC), interior walls (painted or unpainted), electrical outlets, elevators, rest rooms, and a concrete floor. A plain white box 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 plain white box 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 plain white box building. A proper plain white box 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 Plain white shell.
More or less the same as Lit shell, Lit box, Plain vanilla shell, Plain vanilla box, Vanilla shell, Vanilla box, 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

A zoning process governing the development of relatively large areas to provide for various types and combinations of land uses (single- and multi-family residential, commercial, industrial, recreational areas, open spaces, buffer zones, etc.) The PAD process allows for greater flexibility and creativity in development plans than generally exist under most zoning regulations. Planned area development can also serve as a permanent type of zoning district.

A combination of different yet compatible land uses within a single neighborhood, development, or subdivision. PUD's usually contain residential areas often characterized by multi-unit condominiums or townhomes, although groups of single-family homes are also common. The design of PUD's usually encourages high-density housing and maximum utilization of open space. In addition to residential areas, planned unit developments often contain commercial, recreational, light industrial, and specially zoned areas. Property located within PUD's can usually be described as deminimus.

A surveyed map of a town, section, or subdivision indicating the exact locations and boundaries of individual properties, streets, easements, and public recreation areas. Plats are usually required for government approval of subdivisions, and are usually publicly recorded documents.

Large level, or nearly level, area of elevated land

The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage

Definition: Approximately; more or less. This phrase is commonly used as a disclaimer in real estate advertisements and listings, meaning that the actual area (square feet, square meters, acres, hectares, etc.) of a structure or parcel of land may be slightly different than stated due to survey errors, rounding of numbers, measurement discrepancies, and so on.
Commonly abbreviated as +⁄− or ±.

Terms, Definitions, and Concepts: Land Measurement, Legal (Law), Real Estate, Survey

A listing which is retained by the listing broker or salesperson, who does not make it available to other brokers in the office or to other Multiple Listing Service members

Tapering piece of land projecting sharply into a stream or body of water

The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument

A generic term for a percentage of the principal loan amount which the lender charges for making the loan; each point is equal to one percent of the loan amount

1. A unit of length or area equal to one linear rod or one square rod, commonly used in land surveys. The terms, rod, pole, and perch are equivalent and may be used interchangeably, although "rod" is the most common. One (1) pole is equal to 25 links, 16.5 feet, or 1/4 (0.25) chain. For conversions and examples, see Rod, pole, or perch equivalents and conversions and the various Converting rods, poles, or perches to... entries.
2. A roundwood product used primarily for structural support. Tree species used for poles are selected for resistance to weather, wear, and mechanical stress and include lodgepole pine, Douglas-fir, western hemlock, and a variety of southern pines.
3. Term applied to trees that have too small a diameter to be considered sawlogs, but are useful as structural supports, flagpoles, etc.
4. The end of an axis, as in poles of the earth or of cellular mitotic spindles in plants and animals.
5. Either of two opposing parts, forces, or situations, as in magnets, batteries, or opinions.

The constitutional authority and inherent power of a state or government to adopt, enact, and enforce laws and regulations to promote and support the health, safety, morals and general welfare of the public.

Definition:
1. (n.) A body of still or standing water smaller than a lake, often artificially created.
2. (v.) To collect by aggregation, as in the ponding of water in low-lying areas.

Terms, Definitions, and Concepts: Agriculture, Biology, Ecology, Geography, Hydrology, Science, Water

Definition:
Natural Sciences: 1. A body of water smaller than a pond; a small puddle of water or other liquid.
2. A relatively deep portion of a stream or river where the current is slow and the water is still.
3. An isolated collection of underground oil or natural gas.
Real Estate: 4. Swimming pool.
Finance and Investment: 5. The total amount of capital invested by a group or organization formed for that purpose.

Terms, Definitions, and Concepts: Ecology, Finance and Investment, Geography, Hydrology, Real Estate, Science, Water

A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles

The right to have and to hold real or personal property; one of the bundle of rights.