Real Estate
Glossary
This glossary has been provided to help Colorado Springs
homebuyers understand the unique language
of the real estate business.
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Under
contract:
This is a certain period of time after a seller has accepted
a buyer's offer to buy a property and during which the purchaser
is able to carry out its due diligence and settle financing arrangements.
During this time, the seller is precluded from entertaining offers
from other buyers.
Underwriter:
A company, more often than not an investment banking firm, which
guarantees or participates in a guarantee on an entire issue
of stocks or bonds will be purchased.
Unimproved land:
Unimproved land refers to any land which is not been yet improved
or without any building. It can also mean land which is in its
natural state.
Usable square footage:
An area which is enclosed within the demising walls of the tenant
space that equals the net square footage multiplied by the circulation
factor is known as ëUsable square footage.
Use:
An exact intention for which a parcel or a building is intended
to be used or for which it has been designed or set, refers to
"Use".
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