Real Estate

Lasting for an indefinite period of time; without an endpoint; of unlimited duration.

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.

Definition: Single-round auction bidding activity where all bidders submit simultaneous, confidential bids; the highest bid submitted wins the auction.

Auction, Real Estate

Definition: A single-round auction where all bidders submit their bids simultaneously and without knowledge of the offers made by competing bidders; usually the bids are in writing and delivered to the auctioneer in a sealed envelope. The highest bid wins the auction. The sealed-bid auction method does not allow for open, competitive bidding and is therefore not a true auction.
Also known as a first-price sealed bid auction (FPSB) or a sealed first-price auction.

Terms, Definitions, and Concepts: Auction, Real Estate

A section is a tract of land approximately one (1) mile square and containing 640 acres, within a township. Sections are used in the government rectangular survey system (U.S. Public Lands Survey). Each section is approximately 1/36th (0.0278) of a township. Irregularities exist due to the curvature of the earth; these irregularities are corrected for in the northern and western tiers of sections in each township. One (1) section is equal to 640 acres, one (1) mile square, one (1) square mile, and 27,878,400 square feet.

One (1) section of a township is one (1) mile square and has an area of one (1) square mile. One (1) section is equal to 640 acres. One (1) section is equal to 27,878,400 square feet. One (1) section is equal to 2.59 square kilometers. One (1) section is equal to 3,097,600 square yards. One (1) section is equal to 102,399.59 square rods, poles, or perches. One (1) section is equal to 6,399.9744 square chains. One (1) section is equal to 2,560.0 roods. One (1) section is equal to 757.5523 arpents. One (1) section is equal to 0.0278 (1/36th) townships. One (1) section is equal to 2,589,988.1103 square meters. One (1) section is equal to 258.9988 hectares.

Identifies a within a . Sections are usually numbered 1 to 36 but can be higher in some states.

One of the two parcels of real estate of an appurtenant easement. The servient tenement is the property that provides the easement; the dominant tenement is the property for which the easement is necessary, as for access to the property.

Zoning restrictions on the amount of bare land required surrounding improvements; the amount of space required between the lot line and the building line.

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)

Definition: A dynamic auction in which the bids are submitted by the bidders in writing rather than orally. The bids are usually recorded in a single list, with successive bidders able to see the entire list of previous bids. At the end of a designated period of time, the bidder with the highest bid wins the auction.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: An auction in which the bidders have only one opportunity to submit their bids.

Terms, Definitions, and Concepts: Auction, Real Estate

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.

Definition:
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..

Example: Steve sells a parcel of 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.


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

Zoning policies allowing land uses and activities not covered under other zoning classifications. Examples include detention centers and prisons, government buildings, sewer treatment facilities, cemetaries, churches, and landfills. Special zoning is often allowed through special-use permits, also known as conditional-use permits.

1. A permanent change in or exemption from zoning regulations for an individual property. 2. A zoning variance for a single or individual parcel of land.

A unit of area measurement (square measure) that is one (1) Gunter's or surveyor's chain in length on each side. There are ten (10) square chains in one (1) acre of land. One (1) square chain is equal to 4,356.0 square feet or 404.687 square meters.

One (1) square chain is equal to 4,356.0 square feet. One (1) square chain is equal to 484.002 square yards. One (1) square chain is equal to 404.687 square meters. One (1) square chain is equal to 16.0 square rods, poles, or perches. One (1) square chain is equal to 0.4 roods. One (1) square chain is equal to 0.1184 arpents. One (1) square chain is equal to 0.1 acres. One (1) square chain is equal to 0.0405 hectares. One (1) square chain is equal to 0.0004 square kilometers. One (1) square chain is equal to 0.0002 square miles or sections. One (1) square chain is equal to 0.000004 townships.

A unit of area measurement (square measure) that is one (1) foot long on each side. One (1) acre of land contains 43,560 square feet. One (1) square foot is equal to 0.09 square meters.

One (1) square foot is equal to 0.0929 square meters. One (1) square foot is equal to 0.1111 square yards. One (1) square foot is equal to 0.0037 square rods, poles, or perches. One (1) square foot is equal to 0.0002 square chains. One (1) square foot is equal to 0.00002 acres. One (1) foot is equal to 0.000009 hectares. One (1) square foot is equal to 0.00009 roods. One (1) square foot is equal to 0.00003 arpents.

A common unit of metric area measurement that is one (1) kilometer in length on each side. One (1) square kilometer is equal to 1,000,000 square meters, 100 hectares, or 0.386 square miles.

One (1) square kilometer is equal to 1,000,000 square meters. One (1) square kilometer is equal to 100 hectares. One (1) square kilometer is equal to 0.3861 square miles. One (1) square kilometer is equal to 247.10538 acres. One (1) square kilometer is equal to 10,763,910.42 square feet. One (1) square kilometer is equal to 1,195,990.046 square yards. One (1) square kilometer is equal to 39,536.703 square rods, poles, or perches. One (1) square kilometer is equal to 2,471.044 square chains. One (1) square kilometer is equal to 988.422 roods. One (1) square kilometer is equal to 292.4926 arpents. One (1) kilometer is equal to 0.0107 townships.

1. A system of area measurement, notably that in which one (1) square foot is equal to 144 square inches or one (1) square meter is equal to 10,000 square centimeters. 2. A system of land surveying, mapping and measurement which uses the Gunter's or surveyor's chain as a base unit.