Real Estate

Definition: An inland body of water, generally of considerable size, that collects and stores usually fresh water from surface runoff, and where there is little or no horizontal movement of the impounded water. Lakes can be formed by volcanic, human, or glacial activity; by mass wasting such as landslides; or by stream channel abandonment such as may occur with old, meandering rivers (an "oxbow" lake).

Terms, Definitions, and Concepts: Ecology, Geography, Geology, Hydrology, Real Estate, Science, Water

Real property that has direct frontage on the shore of a lake or reservoir, whether or not ownership of the actual beach or shore adjacent to the parcel is appurtenant to the property, shared as tenants in common, or public.

Sub-part of a legal land description on a land patent.

A document of title issued by a government or state for the conveyance of some portion of the public domain

Supreme title to the land. A grant of land made by a government to an individual or individuals. In the U.S. of A. patented rights go to the patent holders and their heirs and assigns forever.

Form of real estate ownership associated with the feudal system where all lands were owned and taxed by the king or other sovereign, who granted the right to hold title to real property, but as a life estate only.
Same as "feudal tenure" or the "feudal system of title".

The activities, operations, or purposes that are employed in a particualr geographic area; the specific manner in which a parcel or tract of land is utilized. Land use is usually regulated by municipal governments through zoning ordinances, although some land uses are regulated by state or federal governments.

A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto.

To damage, destroy, abuse, or otherwise cause the value of property to be diminished, especially by one whose interest in the property is less than fee simple, such as a tenant, life tenant, mortgagor, or vendee.

Definition: A written or oral contract whereby one party (the lessor) agrees to allow another party (the lessee) to use and possess real or personal property owned by the lessor.
Also known as a Rental agreement.

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

Definition:
Lease or rental interests in real property. Holders of leasehold interests (tenants or lessees) have exclusive permission to possess, use, and occupy real property owned by the landlord (lessor) for a specified period of time, in accordance with local laws and the terms of the lease agreement, and in return for some sort of consideration. Leasehold estates do not constitute legal ownership of real property; rather, they are the personal property of the tenant. The four primary types of leasehold estates are estate (tenancy) for years, estate from period to period (periodic tenancy), estate (tenancy) at will, and estate (tenancy) at sufferance.

Same as Less-than-freehold estate.


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

The practice of adjoining landowners meeting at mid-point of a common partition fence and agreeing that one landowner will maintain the partition fence to the right of the midpoint and the other owner will maintain the fence to the left.

A description in legal (survey) terms the land to which title is given.

An interest in real property held for the life of the life tenant or of another person, involuntarily created through operation of law following the occurrence of certain events such as marriage or the purchase of a home. The three primary types of legal life estates are dower and curtesy, both of which are created marriage; and homestead exemptions, which are created by purchasing a home as a primary residence.

In some states in the United States a property owner must file a notice that a qualifying event has occurred in order for a legal life estate to be created. This is usually the only action necessary on the part of the owner to form a legal life estate. In other states, no action is necessary and the estate is created automatically.

See also dower, curtesy, and homestead.

Definition:
Lease or rental interests in real property. Holders of leasehold interests (tenants or lessees) have exclusive permission to possess, use, and occupy real property owned by the landlord (lessor) for a specified period of time, in accordance with local laws and the terms of the lease agreement, and in return for some sort of consideration. Leasehold estates do not constitute legal ownership of real property; rather, they are the personal property of the tenant. The four primary types of leasehold estates are estate (tenancy) for years, estate from period to period (periodic tenancy), estate (tenancy) at will, and estate (tenancy) at sufferance.
Same as Leasehold estate.


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

Definition: A document from a bank or other financial institution attesting to the credit worthiness of an individual, allowing the holder to make purchases without currency, as at a real estate or art auction. Such a letter may be required before bidding privileges are granted at such an auction, or before making an offer on an expensive parcel of real estate.

Terms, Definitions, and Concepts: Auction, Finance and Investment, Management, Real Estate

A levee, also known as a dike or flood-wall, is a natural or man-made flood-control structure usually consisting of a wall or mound of earth (sometimes rock or stone) running generally parallel to a river or other drainage channel, or along ocean frontage. Levees help to contain floods within the channel by raising the height of the riverbank, thereby allowing the channel to hold a greater volume of water before flooding begins. Levees are also used to protect low-lying land near the ocean that has been reclaimed by pumping and dredging then developed, as in the coastal areas of Louisiana (United States).

1. Revocable, non-transferable permission to use the property of another for a specific purpose.
2. a. Legal authorization to perform or engage in certain specific acts (e.g., real estate license, driver's license, business license, etc.)
b. A document or permit that provides evidence of such authorization or permission.

A freehold estate in real property in which the interest in the property is held until the death of the owner or some other person specified by the grantor of the estate. Unlike other freehold estates, life estates cannot be inherited by the heirs of the grantee. Transfer of property ownership following the end of a life estate occurs according to the provisions stipulated by the grantor. There are three types of life estates: legal life estates, conventional life estates, and estates pur autre vie (technically a type of conventional life estate).

Definition:
An interest in real property held for the life of some person other than the life tenant (pur autre vie is French for "for the life of another"). A life estate pur autre vie (also known as pour 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. A life 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.


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

The owner or holder of a conventional life estate (or an estate pur autre vie). The life tenant holds a right or interest in the property until his or death, or in the case of an estate pur autre vie, until the death of some other person specified by the grantor of the estate.

Also sometimes referred to as "tenant for life".

A sub-category of industrial zoning that allows some industrial and manufacturing activities, but usually prohibits activities associated with relatively high levels of pollution, such as smokestacks or large amounts of truck, train, or ship traffic.

A unit of length used in land surveys, named for the links of the chain formerly used by surveyors. There are 100 links in one (1) chain. One (1) link is equal to 0.66 feet, 0.04 rods, 0.01 chains, or 0.20 meters.
For equivalents, conversion factors, and examples, see Link equivalents and conversions and the various Converting links to... entries.

A link is a unit of length used in land surveys.
One (1) link is equal to 0.66 feet.
One (1) link is equal to 0.01 chains.
One (1) link is equal to 0.001 furlongs.
One (1) link is equal to 0.04 rods, poles, or perches.
One (1) link is equal to 7.92 inches.
One (1) link is equal to 0.22 yards.
One (1) link is equal to 0.0001 miles.
One (1) link is equal to 20.1168 centimeters (cm).
One (1) link is equal to 0.2012 meters (m).
One (1) link is equal to 0.0002 kilometers (km).
See the various Converting links to... entries for conversion examples.

Definition:
1. One form of a shell lease, a lit shell or lit box is a commercial or residential building with a minimally finished interior, usually with drop ceilings, lighting, plumbing, interior walls (painted or unpainted), electrical outlets or conduits, elevators, rest rooms, and a concrete floor. A lit shell may or may not have heating, ventilation, and air conditioning (HVAC). A lit 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 lit 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 lit shell building. A proper lit 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 Lit box.
More or less the same as Vanilla shell, Vanilla 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