Method of estimating the value of property uses similar properties available in the same market to extract the value of a parcel of land.

Area measurement (square measure) used primarily in the United States. One (1) acre is equal to 43,560 square feet, 4,046.86 square meters, or 0.4047 hectares.

One (1) acre equals 43,560 square feet.
One (1) acre equals 0.4047 hectares.
One (1) acre equals 10 square chains.
One (1) acre equals 160 square rods.
One (1) acre equals 160 square poles.
One (1) acre equals 160 square perches.
One (1) acre equals 4,840 square yards.
One (1) acre equals 4,046.856 square meters.
One (1) acre equals 0.0016 square miles.
One (1) acre equals 0.0016 sections.
One (1) acre equals 0.004 square kilometers.
One (1) acre equals 0.0000434 townships.
One (1) acre equals 1.183676 arpents.
One (1) acre equals 4.0 roods.

The amount of time that has passed since a building or other structure was built.

The value of an asset (property or otherwise) that includes the original price plus the value of any improvement, and less any applicable depreciation.

An estimate of a property's sales price, after adjustments have been made to account for differences between it and another comparable property.

he additional value a property enjoys based on subjective criteria such as look or appeal.

Features, both tangible and intangible, which enhance and add to the desirability of real estate

Definition:
1. The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report including detailed methods, a short completed form, a simple letter, or even an oral report.
2. An estimate, opinion, or judgment about the value, quality, or quantity of something.

Terms, Definitions, and Concepts: Appraisal, Auction, Finance and Investment, Legal (Law), Management, Real Estate, Taxes and Taxation

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

Water rising to the surface under internal hydrostatic pressure.

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.

Any item of value which a person owns.

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.

An evaluation of the status or validity of a title to real property by an attorney qualified to examine such titles.
See also "Certificate of title", "Chain of title", and "Abstract of title".

Definition: Unimproved land; land in its unused natural state prior to development or construction of improvements such as streets, lighting, sewers, and the like. Same as raw land.

Terms, Definitions, and Concepts: Agriculture, Appraisal, Auction, Construction and Building, Management, Real Estate, Survey, Taxes and Taxation, Zoning

Definition:
1. One form of a shell lease, a bare shell is a commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without lighting, plumbing, ceilings, elevators, or interior walls. A bare 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 bare 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 bare shell building. A proper bare 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 Arctic shell, Cold 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

Definition:
1. One form of a shell lease, a base shell is a commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without lighting, plumbing, ceilings, elevators, or interior walls. A base 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 a base shell building. A proper base 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 Arctic shell, Bare shell, Cold 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

Definition: A broker's price opinion, or BPO, is a real estate valuation performed by a local, licensed real estate broker or salesperson. A BPO is used in situations where a formal appraisal is not required. It usually is based on such information as an exterior examination, estimates of necessary repairs, tax records, recent comparable home or business sales, property sale history, and current comparable listings. Similar to a Drive-by appraisal.


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

Definition: The completion of construction of a shell lease building according to the terms agreed upon by the landlord (lessor) and the tenant (lessee). Like many real estate terms, the definition, description, and details of a "build-out" are relative to the location and situation. For example, one shell lease may include tenant improvements (TI's) in the build-out description; a different shell lease may not.


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

A document issued by the Veterans Administration detailing a property's current market value estimate, based upon a VA approved appraisal.

All property other than real property. Chattels are distinct from real property in that they are 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 chattels. Also known as personalty or personal property, chattels 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 chattels is done through a bill of sale, a will, intestate succession, or by court order (judgment).

A state or condition of real estate title characterized by the existence of a defect or encumbrance which adversely affects the title and causes it to be unmarketable.

Definition:
1. One form of a shell lease, a cold dark shell is a commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without lighting, plumbing, ceilings, elevators, or interior walls. A cold dark shell is ready for warm shell improvements 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 a cold shell building. A proper cold 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.

Same as Cold dark box. More or less the same as Arctic shell, Bare shell, Base shell, Cold shell, 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