Management

A form of property ownership reserved for a married couple, used in some states of the Unites States. The husband and wife together are viewed as one legal person, with each possessing an equal, undivided interest in the entire property. Generally, property owned in this manner cannot be divided without the consent of both spouses, and neither spouse can sell or transfer a portion of the property interest - it is "all or nothing" under this system of common law, which is why the term entirety is used. Upon the death of one spouse, the other takes sole ownership and possession of the real property. Tenancy by the entirety is not allowed in all states, and is never used in community property states.

Financial incentives offered by landlords to prospective tenants to pay for or partially defray the costs associated with structural changes necessary for occupancy.

Interior structural changes made to a commercial or residential building prior to tenant occupancy. The nature and extent of such changes are varied and depend on the needs and desires of the future tenant. The tenant may take possession of a grey shell, vanilla shell, or completely improved interior space depending on these needs and desires. Responsibility for design of, installation of, and payment for tenant improvements is negotiated at the time of the lease agreement.
The landlord may furnish all or part of the tenant improvements, or may offer a financial incentive in the form of a tenant improvement allowance (TIA), usually on a per square foot basis. Landlord-provided tenant improvements can be either "under-ceiling" or "slab-to-slab".
Examples of tenant improvements may include HVAC systems, plumbing and wiring, partitions and interior walls, flooring, ceiling tiles, lighting, signs, shelving and storage, restroom fixtures, fire protection, and security systems.

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.

A state or condition characterized by a valid, legal will.

A person who has prepared a valid, legal will. This term applies to either gender.

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.

1. The ownership of and right to own real estate.
2. Documentary evidence of real estate ownership in the form of a deed.
3. The set of circumstances that would allow one to recover or retain ownership of real estate if that ownership was challenged in court. These circumstances often include possession of the land and the existence of a recorded deed showing ownership.

An indemnity policy that protects a lender or buyer of real estate against losses due to defects in title.

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.

A system of land ownership registration and title to real property under which all registered lands are guaranteed indefeasiblie title by the state.
This system was invented in 1858 by Sir Robert Torrens when he was Premier of South Australia. Under this system, a government Registrar of Titles maintains records of land ownership, including Certificates of Title, in an official Land Register. The Torrens system was implemented due to inconsistencies and problems in proving land ownership under commom law. Deeds or other instruments registered under the Torrens system are given legal priority over all other documents, claims, or facts, either recorded or unrecorded.

1. Articles of personal property annexed, installed, affixed, or attached to leased premises by the tenant, as a necessary part of the tenant's trade or business. 2. A fixture that is essential to the trade or profession of the owner, tenant, or proprietor. Although trade fixtures are often attached to real property, they are considered personal property and are often required to be removed upon expiration of a commercial lease. Ownership of trade fixtures transfers with real property only if the business itself is also sold. Synonymous with furniture, fixtures, and equipment.

To sell, give, will, or otherwise dispose of real or personal property.

Refers to the number of trees on a per acre basis in a specified stand or forest; a useful measure of forest or stand densities and stocking levels.

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 net, net, net lease (or net-net-net lease).

Definition:
1. One form of a shell lease, a tropical 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 tropical 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 tropical shell 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 tropical shell building. A proper tropical 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.

More or less the same as Lit shell, Lit box, Plain vanilla shell, Plain vanilla box, Plain white box, Plain white shell, Vanilla shell, Vanilla box, 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

Definition: A sale of real estate, usually at auction, resulting from foreclosure for default on a deed of trust. Following the sale, the neutral, third-party trustee distributes the proceeds according to the stipulations of the deed of trust. Usually the proceeds are used to pay the outstanding balance due to the beneficiary (the lender). Any remaining funds are then disbursed to lienholders and then the trustor (the borrower).

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

Definition: Landlord-provided tenant improvements to a grey shell building that convert a cold, dark space to a warm, lit one. Also referred to as vanilla shell improvements (VSI), under-ceiling improvements vary by situation but usually include taped and ready-to-paint walls, suspended ceiling with lights, floor coverings, electricity and plumbing ready for the installation of outlets and fixtures, and window coverings.

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, Appraisal, Auction, Finance and Investment, Management

A branch of the U.S. Department of Agriculture responsible for managing the national forests of the United States. Popularly known as the "U.S. Forest Service.

1. The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities. 2. The present worth to typical users and investors of future benefits arising out of ownership of a property.

Definition:
1. One form of a shell lease, a 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 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 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 Vanilla box.
More or less the same as Lit shell, Lit box, Plain vanilla shell, Plain 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, Management

Definition: Improvements made to a commercial or residential building resulting in a a minimally finished interior. VSI's usually include ceilings, lighting, plumbing, heating and cooling (HVAC), interior walls (painted or unpainted), electrical outlets, rest rooms, and a concrete floor. A vanilla shell is considered ready to lease and ready for tenant improvements. Usually, vanilla shell improvements are not completed until the lease agreement between the tenant and landlord has been negotiated and executed.
Same as Under-ceiling improvements.

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, Appraisal, Auction, Finance and Investment, Management

An exemption from existing zoning ordinances, allowing land use, structures, or other development that is currently not permitted within that zoning district.

To give or grant decision-making authority (as in power of attorney) or property interest to another individual or group.

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