GLOSSARY
AbsorptionAbsorption is the pace at which available space or units in a particular market are leased or sold over a specific period. | ACADAuto CAD drawings are computer-generated drawings of structures/buildings where all the elements are put in different layers according to their materials. The aim is to provide support to facility management, having all the plans’ details in one easily accessible place. AutoCAD software is a tool that facilitates this process of designing. | ||
AccurateAccurate means the precision and correctness of information, data, or valuations related to properties. It emphasises the reliability and fidelity of details provided, whether in property listings, market analyses, appraisals, or any other information crucial to real estate transactions. | AddendumAn additional document attached to a main contract, such as a purchase agreement or lease agreement.If a buyer or seller want to change an existing contract, they might add an addendum outlining the specific part of the contract they’d like to adjust and the parameters of that change. The rest of the contract stays the same, regardless of the addendum. | ||
AerotropolisAn aerotropolis refers to a metropolitan subregion whose infrastructure, land use, and economy are centered around an airport. Imagine a traditional city with its central core and surrounding suburbs, but replace the central core with a bustling airport and its associated businesses and infrastructure. This interconnected ecosystem thrives on the speed and accessibility provided by the airport, fostering a dynamic environment for various industries. | AgreementAn agreement refers to a legally binding contract outlining terms and conditions between parties involved in a transaction, such as buying, selling, or leasing a property. It serves to protect the interests of all involved and ensures that the transaction proceeds according to the agreed-upon terms. | ||
AirtightA meticulousy prepared agreement with no leakages is called an ‘airtight’ agreement. | AmenitiesAmenities refer to the extra features or benefits that a property offers beyond its basic functionality. Amenities can include a wide range of features, such as swimming pools, fitness centres, parking spaces, landscaping, security systems, and other facilities that contribute to the overall comfort and convenience of the property. | ||
AmortizationAmortization refers to the gradual process of paying off your loan over time through a series of regular payments. These payments typically include both interest and principal, with the proportion of each changing over the course of the loan | AmphitheatresAn amphitheater typically refers to an outdoor venue designed for performances, events, or gatherings. Unlike traditional theaters, amphitheaters are characterized by their semi-circular or circular seating arrangement, often built into a hillside or elevated structure, allowing for a better view of the stage. | ||
Annual RentAnnual rent refers to the total amount of rent paid by a tenant over the course of one year. It is the yearly sum of rental payments made for the use of a property, such as an apartment, office space, or commercial building. | AppraisalAn appraisal on a property is an unbiased estimate of how much a property is worth. When buying a property, the lender requires an appraisal by the third party (the appraiser) to make sure the loan amount requested is accurate. | ||
As-is‘As-is’ refers to a property’s condition at the time it is offered for sale. When a property is sold ‘as-is,’ it means that the seller is not willing to make any repairs or improvements and is selling the property in its current state. | AssessmentAssessment refers to the valuation process for determining property taxes. It involves evaluating factors like size, location, and features. Additionally, it may refer more broadly to property evaluations conducted for buying, selling, or financing, including inspections and appraisals. | ||
AssetAn asset refers to a valuable property or investment that can generate income or appreciate in value. It encompasses various holdings, such as residential or commercial properties, land, or real estate-related financial instruments. | AverageAverage can be used in various contexts to describe different aspects of the real estate market or property values. E.g. Average Rent, Average Square Footage, Average Mortgage Rates |
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