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 double net lease.
Abbreviated as "NN lease".

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay all operating and property expenses in addition to periodic rent, including taxes, insurance, maintenance, utilities, and assessments.
Also known as a triple net lease.
Abbreviated as "NNN lease".

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. 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

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.

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 bare land.

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

1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

Technically, real property refers to the interests, benefits, and rights included in the ownership of real estate. In practical use, it is synonymous with real estate or realty. Ownership of real property includes the "bundle of rights".

A registered word which may only be used by an active real estate broker, appraiser, etc., who is a member of the state and local real estate boards affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

Same as real estate:
1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

Definition: The actual cost based on current prices of reconstructing, remaking, or replicating real property so that it is as similar as possible to a former state; reproduction of real property usually occurs following some type of destruction or damage to said property.

Terms, Definitions, and Concepts: Appraisal, Construction and Building, Real Estate

A measure of merchantable timber in live trees of merchantable species. Generally, sawlogs should be a minimum of eight inches (8") diameter at breast height (dbh) and eight feet (8') in length.

Live trees of merchantable species that are suitable for harvesting and sawing into lumber according to specific criteria. Generally, sawtimber should be greater than eight inches (8") diameter at breast height (dbh), and should contain at least one (1) sawlog. Merchantable sawlogs are usually a minimum of eight feet (8') in length.

A relative lack or limited supply of a good or commodity. Scarcity is one of the economic properties of real estate that makes it valuable and desirable.

1. A commercial or residential building with a finished exterior facade and landscaping and unfinished interior units, to allow for tenant improvements (TI) and the installation of furniture, fixtures, and equipment (FFE). "Base shell" and "grey shell" refer to a more or less unfinished interior. "Vanilla shell" refers to a minimally finished interior, usually with ceilings, lighting, plumbing, heating and cooling (HVAC,), interior walls (painted or unpainted), electrical outlets, rest rooms, and a concrete floor.
2. The completeness of a building at a specific stage of construction; usually refers to a completely finished exterior and a minimally finished or unfinished interior.

Definition: A lease agreement wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems (HVAC), and electrical wiring, as well as those trade fixtures necessary for the operation of the business.

Discussion: Like many real estate terms and phrases, those 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" building has been or will be completed prior to tenant occupancy.

Shell leasing and its various forms (warm, cold, base) 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, Title and Title Insurance, Appraisal, Auction, Finance and Investment, Management, Legal (Law)

Landlord-provided improvements to a grey shell or cold shell building, usually limited to the construction of interior partition walls.

A contiguous group of trees that are similar enough in species composition, age class distribution, and site productivity or characteristics that it can be considered a single unit, regardless of size.

The process by which boundaries are measured and the locations or forms of land areas are determined; the on-site measurement of lot lines, dimensions, and position of structures on a lot including the determination of any existing encroachments or easements.

1. Real or personal property that is visible and has physical form, as opposed to incorporeal property such as rights or patents.
Also known as corporeal property. 2. Real property consisting of land, improvements to the land (tenements), and physical appurtenances such as sidewalks.

1. A buildings, structure, or other improvement to land.
2. Land, buildings, offices, franchises, etc. owned by another and held in tenure (leased).
3. A rooming house; a set of rooms divided from the remainder of a building and leased as a separate dwelling (a flat or apartment).
4. A parcel of real property, either with or without improvements, as in the dominant and servient tenements of an easement.

1. Live trees of merchantable species and sufficient size that they can be profitably harvested and sold. Timber is then milled and made into lumber and other wood products. 2. Forest land covered by trees of suitable size, kind, and quality to be of commercial value.

The total amount of timber available for harvesting at a given or specified time.

An examination of the public records to determine the status of the title to a parcel of real property, with special attention paid to the identification of defects or clouds in the title.