The real estate industry is constantly changing and evolving. It is important to stay current and relevant in today’s market if you want to stay ahead. Sperry Van Ness believes in excellence. We strive to deliver only the best and are dedicated to our clients. The following are commercial real estate terms and their definitions.

Appraisal- An estimate of value based upon an analysis of the property by a professional

Assignee- A person to whom a contract is assigned

Assignor- A person who transfers a contract to another person

Build out- The improvement of the interior of a building

Certificate of Occupancy (CO)- An official form given by the government which says that the building is able to be occupied legally

Chattel- Household items and goods

Contingency- A necessity of a contract that must happen before the contract can be completed

Default- Failure to fulfill promise or obligation

Delivery- The transfer of an item from one person or entity to another

Ejectment- An action to regain possession of a real property

Estoppel Certificate- A legal instrument completed by the person taking out the mortgage

Exclusive Agency- A contract or agreement in which a broker has exclusive rights to represent the owner

Fiduciary- A person who speaks for another individual on financial or property matters

Incompetent- A person who can not handle their business or personal affairs

Irrevocable- Unable to be changed or altered

Judgement- A decision made by a court

Loss Factor- The percentage of a gross area lost to structures such as walls, elevators, and other items

These are just a few of the important terms in commercial real estate. Please visit our blog soon for the other half of the terms and definitions. For specific information or questions please call Sperry Van Ness at (513) 936-9100 or visit our website.