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Appraisal: A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar properties in the same general area..
Appraised Value: An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.
Appraiser: An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent.
Appreciation: The increase in the value of a property due to changes in market conditions, inflation, or other causes.
Assessed Value: The valuation placed on property by a public tax assessor for purposes of taxation.
Common Areas: Those portions of a building, and property owned (or managed) that are used by all of the tenants, who share in the common expenses of their operation and maintenance. Common areas include common corridors of buildings, parking areas, means of ingress and egress, etc.
Contingency: A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.
Credt Application: The form used to apply for a premises to lease, containing information about a borrower
Full Service Gross Lease: A lease whereby all the expenses relating to the property (utilities, trash, common area costs) are included in the rental for the premises.
Holdover Tenant: A tenant who remains in possession of leased property after the lease term expiration.
Lessee: An individual (i.e., tenant) to whom property is rented under a lease.
Lessor/Landlord: The person or entity who owns the property.
Market Price: The actual selling or leasing price of a property.
Market Value: The expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants.
Modified Gross Lease: A lease whereby the tenants pay for all expenses relating to the actual premises leased and the landlord pays for all common area expenses along with property taxes and building insurance.
Percentage Lease: A lease of property in which the rent is based upon the percentage of the sales volume made on the specific premises. There is usually a clause for a minimum rent as well.
Rent: Compensation from tenant to landlord for the use of real estate.
Rule of Thumb: A common or ubiquitous benchmark. For example, it is often assumed that each worker in an office will need approximately 250 square feet of space.
Square Feet: The usual method by which rental space is defined. It is the area of that space, calculated by taking length times width. For example, a room 30 feet by 60 feet has an area of 1,800 square feet.
Tenant Improvements: Work done on the interior of a space, can be paid for by landlord, tenant, or some combination of both, depending on the terms of the lease.
Triple Net Lease: A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs.