Deriving little or no value from on-site facilities or amenities.

Diameter of a tree bole measured at a height of 4.5 feet. Usually recorded in inches (in) or centimeters (cm).

For area measurements, square units refers to total area, while units square refers to the number of units on each side (the length of each side of a square). For example, consider two square pieces of land: one is 7 square miles, and the other is 7 miles square. The total area of the first parcel is 7 square miles. Since the parcel is a square, the length of each side is equal to the square root of 7 square miles, which is approximately 2.65 miles. In contrast, the length of each side of the second parcel is 7 miles, according to the definition above. The total area is therefore 7 miles x 7 miles = 49 square miles.

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay property taxes and insurance in addition to periodic rent, and the landlord (lessor) agrees to pay for property maintenance.
Also known as a net,net lease (or net-net lease).

1. Strict adherence to and accomplishment of professional (especially fiduciary) responsibilities, duties, and tasks; attention to detail in research or the performance of legal and professional obligations, especially by one acting as agent or attorney.
2. The obligation of a buyer (or prospective buyer) of real or personal property to verify and substantiate all claims and representations made by the seller and/or his or her agents. Due diligence on the part of the buyer is often accomplished by retaining qualified, licensed professionals to conduct various inquiries or perform various duties on his or her behalf. Examples of such professionals include, but are not limited to:
   Real estate brokers, agents and salespersons
   Licensed home inspectors
   Real estate attorneys
Title research and title insurance companies
   Licensed real estate appraisers

Definition:
1. All the property, possessions, and capital one owns, both real and personal, tangible and intangible.
2. The degree, level, quantity, quality, nature, characteristics, duration, and extent of the possessory interest one owns in real property.
3. In the feudal era, any of the three political classes: the Lords Spritual (the clergy), known as the first estate; the Lords Temporal (nobility, royalty, tenants-in-chief, etc.), known as the second estate; and the Commons (bourgeoisie), known as the third estate. In contemporary usage, journalists are known as the fourth estate.
4. The assets and liabilities of a deceased person, or one that is bankrupt.
5. A parcel of real property, varying in size but generally larger than a standard lot, with a residence (often a large house or mansion) and several outbuildings consisting of guest and servant quarters, barns, storage facilities, or the like.


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

The degree, quantity, quality, nature, and extent of the present or future possessory interest one owns in real property. There are different types of estates in land; each is distinguished by the characteristics of its interest and by its potential or actual duration.

The highest monetary price a property would bring, if offered for sale in an arm's-length transaction for a reasonable period of time in a competitive market. Also known simply as market value.

Raw land that has been prepared for the construction of buildings, including the installation of improvements such as sewer and electric lines, streets, public facilities and common areas, and so on. This phrase may refer to any unit of real property such as a lot, parcel, complex, or development.

An article which was once personal property but has been so affixed to real estate that it has become real property (stoves, bookcases, trees and landscaping, etc.). If determined to be a fixture, then ownership of the article transfers with the real property even though it is not mentioned in the deed.

The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area.

Normally used in real estate with business or commercial applications such as bed and breakfasts, this term can also apply to personal, non-commercial items. Articles considered to be FF&E are personal property unless they are permanantly attached or affixed to real estate. Under the terms of most commercial leases, FF&E are to be removed by the tenant upon expiration of the lease, and are therefore personal property. Examples of FF&E include computers, office furniture, shelving, beds, etc. Synonymous with trade fixture.

A commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without lighting, plumbing, ceilings, or walls. A grey shell is ready for warm shell or vanilla shell improvements (VSI), which are usually completed once the lease agreement has been signed.
Synonymous with base shell or cold shell.

A commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without lighting, plumbing, ceilings, or walls. A grey shell is ready for warm shell or vanilla shell improvements (VSI), which are usually completed once the lease agreement has been signed.
Synonymous with base shell or cold shell.

The total floor area of a building measured from the exterior of the walls (excluding unenclosed portions).

The total income or revenue without deductions produced by an individual, corporation, etc. in return for labor, goods, or services rendered. Contrast with net income.

A lease agreement, usually residential, in which the tenant (lessee) pays a fixed periodic rent, and the landlord (lessor) pays all other expenses related to ownership of the property including taxes, insurance, maintenance, utilities, and assessments.

The revenue (monetary or non-monetary receipts) earned by a company, individual, corporation, etc. in return for labor, services, goods, investments, property, or operations.

Real or personal property that exists in concept rather than having physical form; usually incorporeal property is represented by physical muniments that document ownership.
Examples of incorporeal property include rights, relationships (e.g., community property), patents, easements, estates, royalties, and appurtenances.
Same as Intangible property.

Intangible, abstract, or non-possessory rights in real property such as easements, licenses, profits, estates, community property, and the like.
Same as Incorporeal property or Intangible property.

Real or personal property that exists in concept rather than having physical form; usually intangible property is represented by physical muniments that document ownership.
Examples of incorporeal property include rights, relationships (e.g., community property), patents, easements, estates, royalties, and appurtenances.
Same as Incorporeal property.

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.

The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.

Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain.

The highest monetary price a property would bring, if offered for sale in an arm's-length transaction for a reasonable period of time in a competitive market. Also known as fair market value.