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Midtown West
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New York City Real Estate TerminologyAgentOne who acts or who has power to act for another. A licensed real estate broker authorized to act under a listing or management agreement executed by a property owner (the Principal); this creates a fiduciary relationship under the law of agency AmortizationThe process of paying off a debt together with interest, usually with equal payments at regular intervals over a period of time. AppraisalA written report by a state-licensed professional that includes an unbiased analysis of the property's value and the reasoning that led to that opinion. An appraisal report is required for any property sale. AssignmentThe transfer in writing of an interest in a lease, mortgage or other instrument. The assignor, or lessee, transfers the entire remainder of the term created by the lease, and the assignee becomes liable to the original lessor for rent. Assignor may or may not retain secondary liability for performance under the lease, depending upon the terms of the lease pertaining to assignment Base yearThe year of a lease term that is used as the standard when implementing an escalator clause. Operating costs are judged higher or lower during the next year when compared to the base year. BrokerAn agent who brings together a buyer and a seller, or a landord and a tenant, in a real estate transaction. All brokers must be lisenced by the state in which they work. Most work on commission, and the landlord or seller usually pays the fee. BurndownThis is when a tenant remains in good standing and is asking to have security returned. This ususlly occurs over a period of years. This is established at the time of lease negotiations. Construction costTotal expense, plus normal overhead and profit, that must be paid for the job in question LeaseholdThe interest or estate that a lessee of real estate holds under the provisions of a lease. Building standardThe specific construction standards that have been established by the owner and architect to achieve a uniform element of design throughout the building and to establish a cost basis for fitting up charges and/or allowances. Such items may be changed only with the approval of the building owner or the managing representative. Build OutThe construction or improvements of the interior of a space, including flooring, walls, finished plumbing, electrical work, etc. Build-to-suitA method of leasing property in which the landlord makes improvements to a space based on the tenant's specifications. Most build-to-suit provisions apply to long term (10 Years) leases. Certificate of insuranceA certificate issued by an insurance company or its agent. It verifies that a certain insurance policy is in effect for stated amounts and coverage and names those insured. Class A Buildingclassification system; defined by BOMA as the most prestigious buildings competing for premier office users with above average rental rates for the area along with high-quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. Class A Buildingclassification system; defined by BOMA as the most prestigious buildings competing for premier office users with above average rental rates for the area along with high-quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. Class A Buildingclassification system; defined by BOMA as the most prestigious buildings competing for premier office users with above average rental rates for the area along with high-quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. Class B Buildingclassification; defined by BOMA as buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and the systems are adequate, but the building does not compete with Class A at the same price Class C Buildingclassification; defined by BOMA as buildings competing for tenants requiring functional space at rents below the average for the area. ConcessionsBenefits or discounts given by the seller or landlord of a property to help close a sale or lease. Common concessions include absorption of moving expenses, remodeling of space or upgrades, and reduced rent for the initial term of the lease. Construction allowanceThe amount a Landlord contributes to the cost of construction and/or alteration necessary to prepare a space for a tenant's occupancy. This is usually an established amount, but is negotiable. DefaultFailure to meet an obligation when due or to perform any provision of a lease, mortgage or other agreement. Demised premisesPremises, or parts of real estate, in which an interest or estate has been transferred temporarily, such as an interest in real property conveyed in a lease. Demolition clauseA clause within a lease denoting the fact that if or when the ground lease has expired, the building will be demolished per such clause. The lessor must notify the tenants within an established time of such condition Escalation clause A clause in a lease that allows the landlord to increase rent in the future. Rent increases dictated under an escallation clause may be charged in multiple ways. Electric CostThe cost to the tenant for use of his space. This number is based upon rentable square footage. FixturePersonal property or improvements so attached to the land as to become part of the real property. The right of the tenant to remove fixtures may be given by stipulation in the lease or by separate written agreement between the parties. Hard construction costsThe costs of constructing a building shell plus most of the covering materials Holdover TenantA tenant who remains in possession of leased property after the lease term expiration HVACAn acronym for "heating -ventilation-air-conditioning" system. Interior partitionsAll types of interior nonload-bearing partitions that enclose or subdivide tenant space. May be of steel, wood, glass, masonry or combinations of these materials. Such partitions may be either movable or non-movable, prefabricated or built on the job. Lease An agreement by whichthe owner of a property (lessor) Letter of IntentAn informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations. Listing An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property. Market ValueThe expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants. Month-to-month tenancyA tenancy from month to month is generally created when no definite lease term is specified by the parties and the rent is payable monthly. Such a lease may be written or oral, and can be terminated by either party at the end of any month. Otherwise, it is renewed automatically from month to month on the same terms. Non-Disturbance AgreementThe tenant signs this to prevent himself from being evicted if the property owner does not pay its mortgage to the bank. OptionA contractual agreement giving one party a privilege of demanding, within a specified time, the carrying out of a transaction upon stipulated terms. Pass-throughExpenses or a portion of expenses associated with tenancy that are "passed through" from the landlord to the tenant who then pays them. Prime tenantA tenant who occupies a great portion of the space available within a given building that may, in addition, be owned by that tenant. Principal(1) A sum lent or employed as a fund or investment, as distinguished from its income or profits; (2) the original amount (as of a loan) of the total due and payable at a certain date; (3) a party to a transaction, as distinguished from an agent Principal and agentThe relation created by express or implied contract or by law whereby one party delegates the transaction of some lawful business, with more or less discretionary power, to another who undertakes to manage the affair and render an account thereof. Procuring causeA broker will be regarded as the 'procuring cause' of a sale, so as to be entitled to commission, if his efforts are the foundation on which the negotiations resulting in a sale are begun" Coles versus Pattison, 189 Okl. 160, 114 P. 2d 457, 458. Punch listA list prepared by the architect, designer and owner and formally submitted to the contractor to note any deficiencies when the check all completed construction, which assures verification that such work has been accomplished in a good, workmanlike manner in respect to the contract documents. Quiet enjoymentA covenant, usually inserted into leases and conveyances on the part of the grantor, promising that the tenant or grantee shall enjoy possession of the premises in peace and without disturbance. RealtorA coined word which may only be used by an active member of a local real estate board, affiliated with the National Association of Real Estate Boards Real Estate BoardAn organization whose members consist primarily of real estate professionals such as brokers. Real Estate BoardAn organization whose members consist primarily of real estate professionals such as brokers. Real Estate BrokerAny person, copartnership, association or corporation who, for a compensation or valuable consideration, sells or offers for sale, buys or offers to buy, or negotiates the purchase, sale, or exchange of real estate, or who leases or offers to lease or rents or offers for rent any real estate or the improvements thereon for others. Such a broker must secure a state license. For a license to be issued to a firm, it is usually required that all active partners and officers must be licensed real estate brokers. Real Estate BrokerAny person, copartnership, association or corporation who, for a compensation or valuable consideration, sells or offers for sale, buys or offers to buy, or negotiates the purchase, sale, or exchange of real estate, or who leases or offers to lease or rents or offers for rent any real estate or the improvements thereon for others. Such a broker must secure a state license. For a license to be issued to a firm, it is usually required that all active partners and officers must be licensed real estate brokers. Real Estate SalespersonAny person who, for a compensation or valuable consideration, is employed either directly or indirectly by a real estate broker to sell or offer to sell, or buy or offer to buy or negotiate the purchase, sale or exchange of real estate or to lease, rent or offer for rent any real estate or to negotiate leases thereof or the improvements thereon. Real Estate SyndicateWhen partners (either with or without unlimited liability) form a partnership to participate in a real estate venture. RecaptureA clause in a lease agreement providing for lessor's retaking or recovering possession of the premises, usually by cancellation of the lease under certain conditions. Rentable areaThe generally accepted means of measuring space within an office building is the Building Owners and Managers association (BOMA) standard. From the inside of the outside wall (or in new buildings from the glass line) to the outside of the inside wall (or hall wall) and center to center on the division walls. Columns are included. Replacement costThe current cost of replacing the subject property with property having exactly the same utility and amenities. Rules and RegulationsBuilding standards that are binding on the tenants are usually set forth in a part of the lease covering such things as use of common areas, door lettering, signs, noise, odors, moving or installation of equipment, special locks, etc. SecurityMonies given the landlord to establish a comfort level inorder to consumate the transaction. This is variable and is based upon the financial strength of the tenant, length that tenant has been in business, and work to be done by landlord. A tenant may ask for a "Burndown of Security" or monies returned yearly as tenant remains in good standing. SubleaseA lease given by a tenant for some or all of his rented property. This clause must be in the origional lease, with the landlord not to unreasonable withhold this right. Tenant still has primary obligation to the landlord.. SubordinationAn agreement by which a lien holder, a lessee or one having an interest or claim in or against personal or real property places the interest behind that of another. Tenant representation agreementA contract under which a client agrees to work through no salesperson except the one designated in the agreement. |
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