Leasing & Operations Tenant Improvement (TI) Allowance A landlord’s contribution toward customizing a leased space for the tenant.
Leasing & Operations Triple Net Lease (NNN) A lease where the tenant pays property taxes, insurance, and maintenance on top of rent.
Leasing & Operations Use Clause A lease provision specifying what activities the tenant can conduct in the space.
Leasing & Operations Vacancy Rate The percentage of total rentable units that are unoccupied at a given time.
Legal & Title Adverse Possession Tacking Combining consecutive periods of adverse possession by successive owners to meet the statutory term.
Legal & Title ALTA American Land Title Association — sets standards for title insurance policies and surveys.
Legal & Title Bargain and Sale Deed A deed that implies the seller has title but provides no explicit warranties.
Legal & Title Bond for Deed An installment land contract where the buyer takes possession but the seller retains title until paid.
Legal & Title Cloud on Title Any claim or encumbrance that may impair the marketability of a property’s title.
