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.
Read MoreZoning
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.
Read MoreWork 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.
Read MoreWetlands
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…
Read MoreWarranty deed
Deed containing one or more title covenants.
Read MoreWaiver of trial by jury provision
Where allowed by law, bars a tenant from seeking a jury trial to resolves disputes.
Read MoreWaiver
Voluntary and intentional relinquishment of a known right, claim, or privilege.
Read MoreVariable 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.
Read MoreVacancy 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.
Read MoreUtilities
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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