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.
In real estate, “Under Contract” means a seller has accepted an offer and signed a purchase agreement, but the sale has not yet closed. “Show” indicates that the property is still available for showings, typically to secure backup offers in case the primary contract falls through.
Repurposing real estate, also known as adaptive reuse, is the process of converting an existing building from its original use to a new, different use. This practice can preserve historical structures, reduce environmental waste, and revitalize communities, though it often involves significant structural and regulatory challenges.
“2x the rent” is a common rental income requirement meaning a tenant’s gross monthly income must be at least twice the monthly rent. Landlords use this rule to assess affordability and reduce the risk of non-payment.
In real estate, ‘BOM’ stands for ‘Buyer’s Offer Made,’ indicating that a potential buyer has submitted an offer to purchase a property.