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Property Management Definitions

Across
An addendum to the tenant improvement clause of a lease that lists in detail all the work to be completed within the building or tenant's premises.
A document by which the tenant confirms the terms of the lease (current security deposit, term of the lease, status of rent payments and other charges to the Landlord, etc.)
A form of dispute resolution that aims to assist two or more disputants in reaching an agreement. The parties of the dispute determine whether to resolve the dispute, as opposed to granting the authority to resolve the dispute to another party.
Areas of a property that are used by all tenants (e.g. lobbies, public corridors, and service areas of a building).
The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. This typically includes a percentage of common areas including all hallways, main lobbies, bathrooms and telephone closets, etc..
A legal process to reclaim real estate, usually from a tenant that has not performed under the agreed-upon terms of the lease.
Amount of income collected from an investment property after you subtract the operating expenses.
Failure to occupy and use property, which may result in a loss of rights.
The area of the Premises computed by measuring to the interior surface of permanent outside walls excluding common areas.
A payment that a tenant makes to the landlord as a security in the event that there is damage to the property or their premises. It can also be applied if a tenant has failed to pay rent or other charges to the landlord.
A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.
An accounting calculation that spreads the cost of item or loan over a set period, so that at the end of the period there is a zero balance. At times the calculation will include interest in addition to the original cost.
Down
When a person or company gives up the right to take legal action against someone to recover damages, typically related to an insurance policy.
An independent party appointed by a court to impartially receive, preserve and manage property that is involved in litigation, pending final disposition of the matter before the court.
A lease of a property by a tenant to a subtenant. The subtenant can occupy all or a portion of the property/premises.
The minimum rent due each month, with extra payments for reimbursement of operating expenses or percentage rent.
Easily crumbled or reduced to powder, the word is typically used when discussing Asbestos.
A precursor document to a lease or purchase agreement which outlines key terms of the final agreement.
Additional rent, charged on top of base rent, and is mainly composed of maintenance fees for work performed on the common area of a property.
TI
An obligation contractually assumed by, or legally imposed on one party, to protect another against loss or damage from specific liabilities.
Adjustment of variable operating expense (typically utilities, janitorial etc.) that are passed-through to tenants in a building that is not fully occupied.
The hearing and settling of a dispute by a third party. Typically, the third party is empowered to settle the dispute.
Failure to fulfill a lease obligation.