|
A |
| Term |
Description |
| Abstract
of Title |
A comprehensive
summarization of facts regarding the title, including
ownership and legal proceedings related to the
title. |
| Air Rights |
The property
rights an owner has to the air space above their
property or ground; these rights are determined
by city ordinances and necessity. |
| Alcove |
A multi-function half-room of less
than 100 square feet. It usually connects with
the living room, and can be termed a dining
alcove. If it is large enough, it can convert
to an extra bedroom. |
| Alcove
Studio |
This is similar
to a typical studio, except that the sleeping
area is put in its own L-shaped corner of the
room. This kind of apartment may be one and
one half rooms or two full rooms. |
| Appraisal |
The estimated value of a property
from an unbiased, competent third party. The
third party will evaluate the property and all
issues regarding its value, resulting in the
appraisal. |
| Assignment |
A written document that states
the transfer of property, the rights to a property,
or the use of the property from one person or
organization to another. |
| Attended
Elevator |
An elevator that has an attendant,
some of these elevators may still be manually
operated, while others may not. It is common
for full services buildings to have the elevator
attendant work as security for the lobby as well. |
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B |
| Term |
Description |
| Balcony |
An area outside
of the building usually, above the first floor,
that is enclosed for the personal use of an apartment
owner. |
| Building Amenities |
The specific
services or perks that a building offers its tenants.
Common amenities are garages, pools, fitness areas,
laundry facilities, doormen and lobby attendants.
|
| Built |
The exterior
dimensions of a building or house. Currently there
are city-zoning laws in place to regulate how
large a building may be built on a piece of property. |
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C |
| Term |
Description |
| Capital Improvemen |
Any improvements
made on a piece of property that will increase
the value of the property such as a new roof,
new windows or a garage. |
| Certificate
of Occupancy |
Some times
called COO. A document issued by the local government
stating that a piece of real estate is up to all
proper health and building codes and is able to
be occupied by the public. |
| Co-borrower |
An individual
that is also financially responsible for a loan
as well as being on the property title. |
| Co-broke |
When the real
estate firm representing the seller states they
will split the commision of the sale 50/50 with
the real estate firm representing the buyer. |
| Commission |
The payment
a real estate broker receives from selling a property.
The commission is set by the owner selling the
property and is usually 6% of the value of the
property. In some cases, as if the property is
difficult to sell or is very valuable, the commission
rate may be adjusted up or down. |
| Common Area |
The general
area in a building, which as more than one tenant,
that all the tenants share. It could be the hallways,
a lounge area or a lobby. |
| Complimentary |
A property
listing made by a real estate firm to the real
estate community. This is done under the understanding
that the buyer/tenants firm can collect any commission
made from the purchase. |
| Concierge |
A concierge
is a person situated inside the lobby of a building
who acts as a receptionist. This individual is
responsible for receiving packages or alerting
tenants of visitors. In some buildings, the concierge
may work as security in the lobby as well. This
person usually does not have the same duties as
the doorman. |
| Condominium |
A type of
property ownership in which all the owners/tenants
own the property, the common areas and the building
together, but they have individual rights to
their own unit. While a condo is often referred
to a type of development, it actually means
a type of ownership. More: NYC
Condos |
| Contact Person: |
An individual
hired by a property owner or a developer to promote
and show the property. |
| Contract Out |
The time at
which a buyer and seller agree on a price. At
this time, the seller will have their attorney
write up a contract of sale for the purchaser
to sign. |
| Conversion |
(1) Change
in use of a building, like from a commercial space
into a residential space. (2) A public rental
property being changed to a co-operative property
ownership. |
| Convertible |
A large one
or two bedroom that has an “L” shaped
room. This room could be converted into another
bedroom with the addition of a wall. For the new
room to be considered a bedroom, it must have
a window. |
| Co-operative |
(Co-op) A
property that has multiple ownership by all its
tenants/owners. The owners actually own shares
in the property, giving each tenant the right
to live in a specific unit. More: Co-ops |
| Courtyard |
Generally
refers to an enclosed garden area of a building
on the interior of the property. When a listing
refers to a “courtyard view”, it generally
means there is a window facing the courtyard and
a little natural light. |
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D |
| Term |
Description |
| Deed |
A legal document
stating title of a property. |
| Dual Sinks |
Two sinks in a,
usually side-by-side, in a bathroom. Some people enjoy
this as a “his and hers” arrangement. |
| Dual
Vanity |
See Dual Sinks. |
| Duplex |
This is what would be called
a town home in other areas of the country. This is
an apartment with more than one level. |
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E |
| Term |
Description |
| EIK |
Abbreviation for
Eat In Kitchen. |
| En-suite Bathroom |
A bathroom directly
connected to the bedroom. Generally, this type of bathroom
is for the use of the bedroom occupants only and is
attached to the master bedroom. |
| Escrow |
When an item of
value, usually money, is delivered to a third party
to be distributed upon fulfillment of an agreement.
|
| Estate |
The total of all
property, personal and real, a person has at the time
of death. |
| Exclusive
Listing |
A contract giving
a real estate agent exclusive rights to sell a property.
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F |
| Term |
Description |
| Facade |
Generally one side
of the exterior of a building. Typically, this refers
to the front, but can at times refer to the sides or
the back. From a design standpoint, the façade
sets the tone for the building and refers to the materials
on the outside of the building such as brick, marble
or brownstone. |
| Financing Allowed |
Something unique
to co-operative buildings. Co-op’s may allow an
owner to finance up to 70-80% of the purchase price.
However, some buildings do not allow financing at all.
The co-op’s board of directors determines whether
or not this is allowed. |
| Fixed
Rate |
An interest rate
that does not change during the life of the loan. |
| Flip
Tax |
A tax imposed by
a co-operative on the sale of a co-operative apartment.
The total fee may be calculated as a percentage of the
gross sale, net sale or a set fee determined by the
co-operative. The fee may be paid by the buyer, the
seller or shared by both transactors. |
| Floor-thru |
An apartment occupying
an entire level of a building, which runs from the front
of a building to the back wall of a building. This is
seen often in townhouses. |
| Foreclosure |
A legal process
that takes place when the borrower of monies is in default
on a mortgage. This usually involves an auction of their
property to pay back their mortgage. |
| Service
Building |
A building that
employs a doorman and a Concierge. At some buildings,
both of these positions are staffed 24 hours. |
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G |
| Term |
Description |
| Grantee |
The person or organization
that a grantor informs of an interest in a property. |
| Grantor |
A specific person
who is interested in a piece of property. |
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H |
| Term |
Description |
| Half Bath |
A bathroom that
does not have a bathtub or a shower. It is typical to
see an apartment listed with 1 ½ baths. |
| Hazard Insurance |
Insurance that protects
property when damages are incurred by fire, natural
disasters, vandalism. All insurance policies are written
differently, be sure you know what your policy covers.
|
| Historic
District |
A specific area
in a community in which the properties have historic
significance or value. This value is not always reflected
in the market value. City zoning or historic societies
usually define historic districts. |
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I |
| Term |
Description |
| In contract |
Refers to the time
period after a buyer and seller both sign a contract. |
| Interest Rate |
A fee that is charged
to a one who is borrowing money from a lender. The rate
it self can vary and is ultimately set by The Federal
Reserve board. |
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J |
| Term |
Description |
| Joint Tenancy |
A form of property
ownership, which means the property, is owned equally
by all parties involved. |
| Junior/Convertible |
This is another
variation of the alcove apartment. Similar to the
alcove studio, this apartment contains an alcove
that can also be used as a bedroom or dining room.
In New York terminology, a Junior or Convertible
Five would be an apartment with two bedrooms, a living
room and a kitchen, along with an alcove that can
be converted into another room. |
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K |
| Term |
Description |
| Keyed Elevator |
An elevator that
usually opens directly to an apartment or the foyer
of an apartment. These elevators are usually seen in
lofts or penthouses, or any large apartment that covers
the entire floor of an apartment. |
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L |
| Term |
Description |
| Lease Assignment |
A tenant (lessee)
can do this to transfer all their rights of the leased
property to a third party. Not the same as subleasing. |
| Lease |
A written agreement
between a property owner and a tenant defining the responsibilities
and agreements of each party. |
| Liabilities |
A persons financial
responsibilities; this encompasses any debts owed also. |
| Listings |
Property that is
currently on the market either for sale or renting. |
| Local
Tax |
A tax imposed by
a local government for services like garbage collection
or water. |
| Loft
Buildings |
Very popular for
the artistic type, loft buildings were originally
used as warehouses, factories or manufacturing centers.
Converted into residences, the staples of these apartments
are high ceilings (sometimes up to twenty feet) and
wide open floor plans. Some even have columns or
other ornate decor. Greenwich Village, Chelsea, SoHo
and Tribeca are popular areas for loft buildings. More
about: New
York City Lofts |
| Loft
Space |
This usually refers to property that
has been converted from commercial use to residential
use. The loft usually covers one entire floor of a
building. Some of the benefits of a loft space are
large windows, lots of open space and high ceilings. |
| Loft
Studio |
A studio apartment that has a separate
area for sleeping. |
| Lot |
Parcels of land divided out for identification
purposes by New York City. |
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M |
| Term |
Description |
| Maintenance |
This is another
fee that is unique to co-op’s. It’s comprised
of: 1) The daily cost to operate the building. 2) A
share of the buildings underlying mortgage 3) A share
of the buildings real estate taxes. These three things
combined are the monthly charges paid by a co-operative
owner to the co-op. |
| Maisonette |
A ground floor apartment
usually in a co-op that has a separate street entrance
than the rest of the building. Apartments like this
give the tenants the feel of a townhouse in a co-op
environment. |
| Mansard Roof |
A roof that is flat
on top, then sloping steeply down on all four sides.
The roof appears to cover the entire top story of a
building. |
| Managing Agent |
An independent company
hired by a co-op or condominium to manage the property.
The management agents are responsible for things such
as collecting rent or dues, property maintenance or
enforcing building policies. |
| Market Value |
The estimated amount
that would be paid for property if it were offered on
the open market. |
| Mortgage |
A contract between
a lending institution and a borrower to insure repayment
of a loan. The components of a mortgage are the amount
being lent, the time period of repayment and the interest
rate set for the borrowed money. |
| Murphy Bed |
A bed that is attached
and built into a wall and can be pulled down or out
of the wall. You will usually find Murphy beds in small
apartments. |
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N |
| Term |
Description |
| Negative Pledgea |
Also knows as “negative
pledge”. A negative pledge loan is a loan that
exceeds the financing limit set by a co-operative. |
| New Windows |
Windows that have
been newly replaced in a building. This is usually done
to make the building more energy efficient or to update
its façade. |
| No Board Approval |
This can refer to
one of two things. 1) When a perspective purchaser of
a co-op unit does not have to be reviewed by the co-op
board. Or 2) When a perspective renter of a co-op unit
does not have to be approved by the op-op board or owner. |
| Note |
A legal document
that outlines the obligation a borrower has to pay off
a mortgage at a stated interest rate over a specific
period of time. |
| Notice
of Default |
A written notice
to a borrower formally informing them of their default
on their account. |
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O |
| Term |
Description |
| Oblique Views |
This term refers
to an apartment that has some what panoramic views of
either Central Park or both of either of the two rivers.
|
| Offer Accepted |
This is the point
at which a renter accepts the terms of an apartment
listing. |
| On-site Broker or
Contact Person |
This is a person
hired by a building owner to show the apartments, answer
any questions about the units or take care of any transactions
at a building. |
| Open House |
A sales tactic that
is used my a real estate broker to advertise an available
listing. At an open house perspective buyers are able
to look around the property and question the broker
about the property. In the Sunday edition of the New
York Times there is usually a section listing open houses. |
| Open Kitchen |
A kitchen that is
not separated from the other living areas of the apartment;
this is a pretty common feature in loft style apartments.
|
| Open Listing |
A listing made directly
to the brokerage community by an apartment owner or
management firm that is not being managed on a co-broke
basis. |
| Original Detail |
This refers to original
design details on the interior of a pre-war apartment.
The design details can refer to ceiling moldings, trim
around fire places or chair rails. |
| Original Room Count |
This term applies
to pre-war apartments that originally had a large number
of rooms. Over time and due to different owners and
renters needs, the original apartments have been turned
into smaller units with fewer rooms. |
| Owner
Pays (OP) |
A situation where
the owner of an apartment building will pay all or part
of the commission from the sale of a unit. This is done
to entice a prospective tenant to rent or purchase a
property. |
| Ownership |
There are several
different levels of ownership these are: Condominiums,
Co-operatives and Cond-ops. |
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P |
| Term |
Description |
| Parlor Floor |
The second floor
of a townhouse. Typically this room is the room in the
townhouse that has the highest ceilings and because
of this it was traditionally used for entertaining.
|
| Partial Views |
This terms refers
to units that offer partial views of either Central
Park or one of the two rivers. |
| Pass-through Kitchen |
A kitchen one is
able to walk through to enter into another room, usually
a dining area or the living room. |
| Penthouse |
An apartment located
on the top floor of a building, often quiet luxurious
and offers more privacy than other apartments in the
same building. |
| Pet Policy |
A policy a building
has about what types, sizes and how many (if any) pets
a tenant may have. |
| Petite Kitchen |
See Pullman Kitchen. |
| Pied à terre |
Literally translated
from French it means “foot on the ground”,
but we would call it a “landing pad”. These
apartments are usually small, but quite comfortable
and kept often by business travelers that need to be
in the city for business monthly or weekly. At times
these apartments are kept by the well to do so they
can have a location in the City with out the bother
of traveling frequently from their home to enjoy the
City life. |
| Possession |
The time at which
a new purchaser or tenant can take possession of a property. |
| Post-War |
Refers to buildings
built after the World War II, or after about 1945. The
style of these buildings and the apartments in them
are drastically different than the pre-war apartments.
Generally the interior and exterior are less ornate
with less trim, moldings and exterior decor. |
| Powder Room |
The same as a half-bath;
a bathroom with no shower or bathtub. |
| Pre-War |
If a building was built before 1945,
it is considered pre-war. At 10-20 stories tall, they
are mid-size as far as apartment buildings go. Some
buildings might have a doorman. The advantages of living
in a pre-war apartment often include hardwood floors,
spacious rooms and higher ceilings. Many also have
a fireplace. |
| Professional Space |
A unit in an apartment
building that is typically used for office space. This
term is usually used referring to medical office space. |
| Property Value |
The value of a piece
of property that a buyer will pay at a given time. |
| Pullman Kitchen |
A small kitchen
situated against one wall, consists of room for a fridge,
oven and a sink. These kitchens are often found in pre-war
apartments or pre-war buildings that were originally
hotels. This small kitchen generally doesn’t count
as a separate room. Pullman Kitchens are sometimes referred
to as Petite Kitchens.
|
| Purchase Agreement |
A written contract
signed by a buyer and a seller defining the terms under
which a property will be sold. |
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Q |
| Term |
Description |
| Quadraplex |
An apartment that
covers four levels.
Qualifying Ratios: A rate computed by lenders to determine
how much a buyer can borrow. |
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R |
| Term |
Description |
| Real Estate Agent |
A person licensed
to transact the sale of property on behalf of a buyer.
|
| Recessed Lighting |
Lighting that is
located set into the ceiling and not hanging from a
light fixture. This style of lighting offers continuation
of clean lines in a building. |
| Reno |
A terms used to
say an apartment was recently renovated. |
| Rental Building |
Buildings owned
by an individual or a company that offers units for
rent only. |
| Rental Commission |
Refers to the commission
a real estate broker earns from the renal of an apartment.
It is typical for a renter to pay the commission and
the rate is about 10-15 percent of a years rent. |
| Reserve Fund |
A fund set a side
by a co-op or condo’s board to pay for monthly
expenses or unexpected expenses. |
| Room Count |
The number of rooms
an apartment has. Every style of apartment has a different
number of rooms. Styles: Straight Studio, Petite Kitchen:
One room. Straight Studio, Full Kitchen: Two rooms.
Alcove Studio, Full Kitchen: 2.5 Rooms. Junior-One,
Full Kitchen, No Wall: 2.5 Rooms. Junior-One, Full Kitchen,
Wall: 3 Rooms. One Bedroom, Living Room, Kitchen: 3
Rooms. Junior-Four, Living Rooms, Kitchen, Dining Alcove:
3.5 Rooms. Convertible-2, Living Rooms, Kitchen, Dining
Alcove, No Wall: 3.5 Rooms. |
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S |
| Term |
Description |
| Security Deposit |
Money deposited
by a tenant to a landlord or a rental agency as security
against damages and terms of the lease. |
| Service Entrance |
An entrance usually
into the kitchen from the rear of a building or a secondary
hallway. In the past this entrance was typically by
servants, and still may be used the same today. |
| Service Level |
The level of front
door service at a particular building. |
| Shares |
This is something
unique to a co-op building in real estate world. Each
apartment owner in a co-op owns a share in the building,
like a publicly traded company. The share represents
the amount of the building that is owned by a shareholder,
and the amount is determined by the size of the apartment,
which floor it’s on and if there are any special
features associated with the apartment. |
| Short-Term |
Apartments renting
specifically for short periods of time, usually not
more than six months. Often these apartments are furnished. |
| Shortfall |
This is what happens
when a building brings in less that what it needs to
cover it’s operating expenses. |
| Square Footage |
The amount of livable
space, in square feet, in a apartment or building. Some
times the amount of square footage is approximated,
while at condo’s the measurements are often more
accurate. |
| Sublet |
An agreement a new
tenant would make with the current tenant of a property
who is moving out. The new tenant would assume responsibility
for all rental costs from the person who is moving out.
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T |
| Term |
Description |
| Tax Abatement |
Tax breaks offered
to developers for developing residential properties
in certain areas. |
| Tax Deductible |
The percentage a
shareholder at a co-op is able to deduct from their
annual taxes. |
| Term |
The period of time
that a lease is for. |
| Terrace |
The roof or part
of a roof on a building. Often the terrace in real estate
terms refers to an area on the exterior of a building
that an apartment owner has exclusive rights to. It’s
not the same thing as a balcony. |
| Townhouse |
A single family
dwelling having 2 or more floors. The kitchen is usually
set in an English-style basement, as a half level and
is entered through a service entrance at the back of
the unit. The street entrance is the main entrance and
leads directly into the parlor floor area. This design
structure was common in the City from the 1900’s
through about 1930. |
| Triplex |
An apartment covering
three levels. |
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U |
| Term |
Description |
| Unsold Shares |
These are shares
or apartments in a co-op that have not been purchased
outright. It is common when a rental property is converted
in to a co-op that some renters would prefer to continue
paying rent on their unit for a period of time as opposed
to buying it. |
| Use |
The specific purpose
for which a building is intended to be used for or for
which it has been designed for. |
| Utilities Included |
This refers to charges
for some of an apartments utilities to be included in
the monthly rent price. Often the utilities will be
water, electric, gas and sometimes cable. |
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V |
| Term |
Description |
| Vacancy Rate |
The amount of unoccupied
units or apartments in a building compared to all units
in the building. This rate is usually expressed as a
percentage. |
| Vacation Home |
A second home used
for recreational purposes. When the home isn’t
in use some owners choose to rent it out. |
| Variable Interest
Rate |
An interest rate
the fluctuates with the current cost of borrowing and
lending money. |
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W |
| Term |
Description |
| Waive |
To voluntarily and
intentionally give up any rights, privilege or claims
to a property. |
| Walk Through Kitchen |
A kitchen with two
entrances or exits. An individual would actually be
able to enter the kitchen from one room, move through
the kitchen and exit into another room. |
| Walk-up building |
A building that
has no elevator, with more than one floor. These buildings
are predominantly pre-war types and have up to six floors. |
| WEIK |
An abbreviation
meaning a Windowed Eat In Kitchen. |
| Window Treatments |
This refers to the
types of coverings someone may put on windows. This
can refer to blinds, shades or curtains.
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