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.

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.

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

A right to, share of, participation in, or ownership of real or personal property that entitiles one to possess and control the property, not merely to use it.

For example, fee simple ownership of real estate is a possessory interest and therefore constitues an estate; the right to use an access road or easement on the private property of another is neither a possessory interest nor an estate.

Definition:
The right of reversion and future interest retained by the grantor of an estate in qualified fee determinable which allows him to automatically recover fee ownership of the property if the grantee fails to comply with a special limitation stipulated as a condition of the sale.
Contrast with Right of reentry.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition: 1. Finance: a) The capital sum; the amount of a debt or investment less the interest paid or earned.   b) The face value of a stock, bond, or other security.
2. Real Estate: The main body of an estate (not including income).
3. Law, Real Estate: a) One who is represented by an agent.   b) A person who bears responsibility for a covenant, debt, duty, liability, or other obligation.

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

Latin.
1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as prorate.

1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as pro rata.

The disclosure document issued by the Arizona Department of Real Estate (ADRE) which allows a developer or subdivider to sell lots within a platted, recorded subdivision. Also known as the Commissioner's Public Report (CPR), this document is issued only after the extensive subdivision application has been approved and the subdivision has been physically inspected. A demonstration of a 100-year water supply may also be required.

Pur autre vie is a French phrase that literally means "for the life of another". An estate pur autre vie (also known as pour autre vie) is an interest in real property held for the life of some person other than the life tenant. A life estate pur autre vie is a form of conventional life estate wherein the duration of the estate is measured not against the life of the life tenant, but against the life of another person specified by the grantor of the estate. An estate pur autre vie is the only life estate that has a right of inheritance: during the life of this other person against whose lifespan the duration of the estate depends, the life tenant's heirs may inherit the property. Once the "other person" is deceased, this right of inheritance ends.

Definition: A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in qualified fee are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in qualified fee differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Same as Fee simple defeasible or Fee simple qualified.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee conditional is one in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as his or her heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as Qualified fee subject to condition subsequent.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee determinable is a freehold estate in real property that has been qualified with a special limitation. If the new owner (grantee) fails to comply with the terms of the limitation, the former owner (grantor) has the right to recover ownership of the property. The grantor of an estate in qualified fee determinable retains the possibility of reverter, a future interest and right of reversion which, if exercised, ends the estate in qualified fee and allows for automatic reacquisition of ownership. Estates in qualified fee determinable, together with estates in qualified fee conditional, are the two primary examples of estates in fee simple defeasible, also known as estates in qualified fee. Qualified fee determinable estates differ from those in qualified fee conditional in that reversion is automatic and no court action is required.

Example: Mrs. Brown owns a parcel of land in fee simple and decides to sell it to Mrs. Garcia, with the contingency that a specified portion of the property must be used for agricultural purposes only. If Mrs. Garcia uses that part of the property for any purpose that is not agricultural, Mrs. Brown has the right to recover fee ownership. Whether or not she may recover all of the property or just that portion where the violation of the special condition occurred depends on the wording of the deed, the document used to create the estate in qualified fee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee subject to condition subsequent is a freehold estate in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as the grantee's heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Same as qualified fee conditional.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

A usually metal chain used to measure length and distance. Less commonly used in land surveys than a Gunter's or surveyor's chain, the Ramsden's or engineer's chain is 100 feet in length, with 100 1-foot links. The terms "engineer's chain" and "Ramsden's chain" apply primarily to the measuring utensil itself and not to any particular unit of length.

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.).

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.