This is the distance between columns. When configuring space for its most efficient use, bay depth is a critical detail as it might be a waste factor when the area is larger than necessary.
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Attorney’s opinion of title
This document is the written and signed opinion of an attorney based on their examinations of the abstracts of title. It states accurate facts concerning property ownership and whether or not, in their legal opinion, a seller...
Assumable mortgage
A type of mortgage, this can be transferred without having to change its terms and conditions. Once it is transferred, the buyer shoulders all responsibility for the payment. Assumable mortgages make a property more appealing...
Exception
This is the exclusion of some part of the site conveyed, with the title of that excepted part stays with the grantor. An example of this is when mineral rights are not transfered to the purchaser of a land, they will remain as...
Fee simple interest
This refers to the absolute ownership of a real estate parcel. It is only limited by four basic governmental powers: taxation, eminent domain, police power, and escheat.
Expense Stop
This is an agreed monitary amount of operating expenses and taxes that the tenant is obliged to pay its prorated share of increases. It can be allied to particular expenses such as property insurance or taxes.
Capital Rate
This is typically calculated as the ratio between the net operating income produced by a certain asset and the original capital cost or the asset's current market value.
Eminent Domain
This is the power private persons or corporations, municipalities, and states possess that allow them to exercise functions of public charter in order to obtain private property for public use by condemnation. The owner will then...
front foot
This is a standard measurement of land applied along the street side of a lot. It usually measures one linear foot or 12 inches.
Bid and Award Process
This is a process in which the owner solicits a number of bids from varying subcontractors for a certain project. Once the subcontractors have responded to the owner's bid requests, the general contractor will award the contract...
