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Frequently Asked Questions

What is "As-Is" Condition?

The existing condition of the leased premises, including any faults and defects, at the time the contract is signed.

What is an Exclusive Agency Listing?

A contract between a real estate broker and a property owner/landlord in which the owner/landlord promises to pay a commission to the broker if the property is sold or leased.

What is First Right or Right Of First Refusal (Purchase)?

A clause in a contract that is sometimes offered to a tenant, typically giving that buyer the first opportunity to buy another specified space in the building if the landlord has a prospective new tenant for that specific space.

What is the Legal Description?

A written description identifying a piece of real property, using (1) the "metes and bounds" system, (2) the US Public Land Survey system, (3) the "lot and block" survey system or (4) a combination of systems.

What is a Letter Of Intent (LOI)?

A written document that is sometimes used in negotiations to outline the proposed terms of a contract, which can be legally “binding” or “non-binding.”

What is a Lien Waiver (Waiver or Liens)?

A waiver of mechanic’s lien right , signed by a general contractor and his subcontractors, that is often required before the general contractor can receive a draw under the payment provisions of a construction contract. May also be required before the owner can receive a draw on a construction loan.

What is a Listing Agreement?

An agreement between the owner of a property and a rea estate broker giving the broker the authorization to attempt to sell or lease the property at a certain price and terms in return for a commission, set fee or other form of compensation.

What is a Non-Compete Clause?

An optional lease clause stating that the landlord agrees not to lease space in the building to any other business whose operation is similar to that of tenant.

What is Raw Land?

Land that is in its natural state, with no man-made improvements, no clearing, no grading, digging, etc.

div class="pvm ftr-title">What is a Security Deposit?

A specific amount of money paid by a tenant, usually at the time a lease is signed. The landlord holds this money to secure performance of a lease.

What is a Site Plan?

An engineered drawing of a parcel of land which depicts the property boundaries, building footprint, parking lots, water and sewer lines, landscaping, etc.

What is a Survey?

An engineered plan that details the legal boundaries and dimensions, identifying the type and location of monuments or survey posts.

What is Zoning?

The control of a city or county to govern the use of land and the buildings thereon. Areas are divided into zones which allow certain uses and construction, and forbid others.

What is Zoning Ordinance?

A law or regulation, generally, at the city or county level, controlling the use of land and construction of improvements in a given area or zone.

Disclaimer

The information on this website is provided for informational purposes only and do not constitute legal advice. This information is thought to be accurate; however, it is subject to verification and no liability for errors or omissions is assumed. No representations or warranties whatsoever, express or implied, are given as to the accuracy or applicability of the information contained herein.