Let Agreed is a term used in the UK property market to indicate that a landlord has accepted a tenant’s offer on a rental property, but the tenancy has not yet been finalized. It signals that the property is no longer available for viewings, pending completion of checks and contract signing.
In real estate, “off-market” refers to properties that are available for sale but are not publicly listed on the Multiple Listing Service (MLS) or other public platforms. These properties are marketed privately through agents, networks, or direct outreach, offering sellers discretion and buyers exclusive access to unadvertised inventory.
In real estate, CTG commonly stands for “Closing Target” or “Closing Target Date.” It refers to the scheduled date on which a real estate transaction is expected to close, representing a goal rather than a legally binding deadline.
Defaulting on a lease occurs when a lessee fails to meet the terms and conditions agreed upon in a lease contract. This typically involves missed payments or violations of lease clauses, which can lead to legal and financial consequences.
Under Contract Option Pending is a real estate status indicating that a buyer and seller have signed a contract, but the buyer has a specific timeframe to conduct due diligence. During this period, the buyer can cancel the contract for various reasons, typically involving inspections.
In land development and real estate, “perk” (short for percolation test) refers to the rate at which water drains through soil. A perk test determines whether a property is suitable for a septic system, influencing land value, building permits, and development potential.
First and last month rent is a leasing requirement where tenants pay upfront for the initial and final months of occupancy. This practice secures income for landlords but creates financial barriers for renters. Regulations governing this payment vary significantly by jurisdiction.
Ingress and egress are legal and technical terms referring to the right or ability to enter and exit a specific space. Commonly used in property law regarding land access and networking regarding data flow, these concepts define boundary permissions.
The term ‘under agreement’ typically refers to a status in real estate where a property has a signed contract between buyer and seller but the sale is not yet finalized. It signifies a mutual commitment pending conditions or approvals.
Default on a lease refers to a tenant’s failure to comply with the terms agreed upon in a lease contract, such as missing rent payments or violating lease conditions. This breach can lead to legal consequences including eviction or financial penalties.