GREEN Light Certified®

GREEN Light Certified® is a legal due diligence risk assessment. GREEN Light Certified parcels’ public-record documents have qualified as highest-and-best use for legal purposes. As the least risky assessment resulting from The GREEN Light System®, GREEN Light Certified parcels are more valuable than parcels assessed as YELLOW or RED, all things being equal. 

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Zoning

The legislative division of a region, esp. a municipality, into separate districts with different regulations within the districts for land use, building size, and other circumstances of the parcel that could potentially affect the general welfare.

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Work letter

A work letter obligates the landlord to prepare the premises for the tenant’s occupancy. The buyer should review the work letter to know whether the landlord’s obligations have been satisfied.

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Wetlands

In order to be considered a wetland, the land must have one or more of the following three attributes: (1) at least periodically, the land supports predominantly hydrophytes (wetland plants); (2) the substrate is predominantly undrained hydric soil; and (3) the substrate is non-soil and is saturated with water or covered by shallow water at…

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Waiver

Voluntary and intentional relinquishment of a known right, claim, or privilege.

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Variable Expense

Expense that is related to changes in output, as opposed to being fixed and unrelated to output.  Sewer is a variable expense; garbage is a fixed expense.

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Vacancy rate

Percentage of the total supply of units or space of a specific commercial type that is vacant and available for occupancy at a particular point in time within a given market.

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Utilities

Statement of which party is responsible for payment of utilities; in a triple net lease, tenant is typically responsible for utilities; in a gross lease, the landlord is typically responsible; in a semi-gross lease, the utilities provisions should specify who is responsible for which utilities.

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