The relationship (expressed as a percentage) between the annual net income generated by a business or investment and the invested capital, appraised value, or gross income of the business or investment.

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

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".

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.).

1. A reduction or kickback of a stipulated charge.
2. A return of a portion of an amount paid for goods or services, intended as a reduction or discount of the original price.

A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus recapture the premises) if the tenant does not maintain a specified minimum amount of business, usually in terms of gross income.

1. An independent and neutral party appointed by a court to impartially administer, preserve and hold in trust property which is involved in litigation or bankruptcy, pending final disposition of the matter before the court.
2. One who collects or receives money on behalf of another.

The right of a mortgagor who has defaulted on the mortgage note to redeem or recover the title to the property by paying off the entire mortgage note prior to the foreclosure sale.

The act or process of applying for and obtaining a new loan with different terms than the existing loan. One or more financial goals may be met through refinancing: paying off or satisfying the existing loan, obtaining a lower interest rate, decreasing the duration of the loan, lowering the total amount paid, and/or reducing the monthly (periodic) payments.

A legal action to correct or modify a contract or deed which does not accurately reflect the intentions of the parties due to some mechanical error, such as a typographical error in the legal description.

A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro rata portion of the loan.

The legal process through which an estate is returned to the grantor, usually in fee ownership, after the grantee's estate ends.

The grantee's estate may end for a number of reasons. For example, the grantor may have specified that the grantee's interest in the property expires on a certain date. Other examples of different estates and the events that might end them include:
1. The death of the life tenant (conventional life estate) or the person upon whose life the duration of the life estate was based (life estate pur autre vie).
2. Violation of a condition (estate in qualified fee subject to condition subsequent) or limitation (estate in qualified fee determinable) specified by the grantor.

Contrast with remainder.

The interest in a conventional life estate (or an estate pur autre vie) that is retained by the grantor of the estate if no remainderman is named and that allows the grantor to recover ownership of the property once the life estate ends.

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.

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, and electrical wiring, as well as those trade fixtures necessary for the operation of the business.

When a property is distressed or in foreclosure lenders are sometimes willing to accept less than the full amount due, commonly referred to a "short pay" or "short sale."

The entire area of an interior space, wall-to-wall and true ceiling to true floor. True ceiling height refers to the structural basis for an interior space and does not include suspended or "drop" ceilings. Likewise, true floor refers to the lowest structural unit, either the floor itself or the concrete slab underlying the floor.

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

The specific qualification included in the deed used to create an estate in qualified fee determinable. The grantee must ensure that the special limitation is continually met in order to avoid the possibility of reverter, a future interest retained by the grantor of the estate..

For example, Steve sells real property to Ed with the special limitation that it can only be used for a church. If Ed uses the land for anything else, Steve automatically recovers full ownership of his former estate and Ed's estate ends.

One who divides, separates, or apportions something into smaller parts, especially with respect to subdivision of real estate.

1. The process of buying undeveloped land, dividing it into smaller, usable lots, and selling the lots to potential users or investors. 2. Land that has been divided by the owner (subdivider) into individual parcels or lots which have been grouped into blocks. These lots, together with streets, alleys, parks, schools, planned commercial areas, and public utility easements, are recorded on a plat. Subdivision is subject to local and state regulations, and in most areas a lengthy application process and filing fee is required.

The transfer or conveyance of title to or an estate in real property to another. In essence, one landowner substitutes for another, with all rights intact except for those reserved by deed restriction.
Substitution began to replace subinfeudation (the granting of subordinate tenancies) with the decline of the feudal system.