Real Estate Glossary
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An agreement between the owner and a management firm or individual that shows what the owner expects of the property manager and how the property manager will satisfy those expectations.
This plan includes the owner's goals of the property. This document is detailed and states what the manager wants to accomplish, how and when. They analyze three different factors while putting this plant together: owner goals, regional and neighborhood market, and the specific property. It also has a section on revenue and anticipated expenses.
is where buyers and sellers discover information about products and services offered, and voluntarily engage in transactions to buy and sell those products and services. Just about everything that is bought and sold has a market and most markets are defined by the product or service being exchanged such as the petroleum market, automobile market, housing market, etc.
An appraisal technique that allows appraisers to 'break down' real estate transactions into their component parts to identify the values associated with the individual components. Note that market abstraction can be used as a tool in a variety of ways in addition to finding depreciation. For example, it can also be used to find site values from analysis of improved property sales.
or economic rent, is described as the rent paid by the typical tenant to an owner where:
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
is subject to judicial interpretation but generally means that the property title is free from reasonable doubt as to who the true owner is; free from the probable claims of others; and that it is capable of being insured at standard title insurance rates.
A statutory lien created in favor of contractor's, laborer, and materialmen who have performed work or furnished materials in the erection or repair of a building.
metes and bounds