Entitlement in real estate refers to the legal process of obtaining all necessary permissions, approvals, and rights from governmental authorities to develop or modify a property according to a specific plan.
Base rent is the minimum fixed amount a tenant pays under a commercial lease, excluding variable costs such as operating expenses, property taxes, and insurance. It serves as the foundation for total rent and is commonly used in net lease structures.
A marketable title indicates ownership of property free from reasonable doubt or legal disputes. This concept is crucial in real estate transactions to ensure buyers receive clear ownership rights. Lenders typically require proof of marketable title before approving mortgage loans.
Real estate concessions are incentives offered by sellers or landlords to buyers or tenants to facilitate a transaction. These may include covering closing costs, repairs, or providing rent-free periods. They are negotiated terms that affect the overall financial structure of the deal.
Grandfathered in in rental property refers to the continuation of an existing lease’s terms despite later changes in law or landlord policies. It allows tenants to keep earlier rights while new rules apply to future agreements.
Exclusive of decoration is a term used in property sales and leases to indicate that decorative elements such as paint, wallpaper, or floor coverings are not included in the transaction or price. It clarifies that the buyer or tenant is acquiring the property without those finishes, often requiring them to arrange for decoration themselves.
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.