“ZMA – A Real Estate Developers’ A to Z | Part 2: C-E” is a follow up to “ZMA – A Real Estate Developers’ A to Z.” Please continue to visit BruceFogelson.com to learn other terms that all real estate professional should have in their vocabulary.
Previously, it was established that real estate developers need to know quite a bit about a number of different subjects. That’s still true. It’s essential, as real estate developers do everything from renovating to re-leasing, from purchasing to planning. Also, they manage real property in a way that demands that they have a proper knowledge of financing, construction, developed land, and truly everything in between.
Read on to learn more terms:
- Closings: This has different meanings in different states. In some states, a real estate transaction is not considered “closed” until the documents record at the local recorder’s office. In others, the “closing” is a meeting where all of the documents are signed and money changes hands.
- CMA – Comparative Market Analysis: Comparative market analysis is an examination of the prices at which similar properties in the same area recently sold.
- Commercial: Commercial real estate is one of the three main types of real estate, along with residential and industrial. As its name implies, commercial real estate is used in commerce (residential real estate is used for living purposes, while the industrial real estate is used for the manufacture and production of goods).
- Community Groups: Community-owned assets or organizations are those that are owned and controlled by some representative mechanism that allows a community to influence their operation or use and to enjoy the benefits arising.
- Competition: Competition in real estate is important to consumers. Buying or selling a home is the largest financial transaction most Americans will ever undertake.
- Comps: Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought.
- Condo Declarations: Also sometimes known as Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property.
- Construction: The building of something, typically a large structure.
- Construction – Rough In: Rough in means to lay out the basic lines without making the final connections. Walls are still open and the drywall is not yet installed.
- Construction – Trim: The finish materials in a building, such as moldings applied around openings (window trim, door trim) or at the floor and ceiling of rooms (baseboard, cornice, and other moldings).
- Construction Contracts: A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more owners and one or more contractors.
- Construction Draws: The periodic advances on a construction loan based on completed work.
- Construction equipment: Construction Equipment is a trade publication and website serving the information needs of construction contractors, materials producers, and other owners and operators of construction equipment.
- Contractors: A person or company that undertakes a contract to provide materials or labor to perform a service or do a job.
- Credits: Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, generally with interest.
- Customer Service: Customer service is the process of ensuring customer satisfaction with a product or service.
- Deed Restrictions: Deed restrictions are private agreements that restrict the use of the real estate in some way, and are listed in the deed. The seller may add a restriction to the title of the property.
- Deeds: The legal document conveying title to a property.
- Demand: Demand is an economic principle that describes a consumer’s desire and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa.
- Demolition: The action or process of demolishing or being demolished.
- Door Hardware: Also known as door furniture, this consists of locks, handles, etc. designed for use on doors.
- Doors: A movable structure used to close off an entrance, typically consisting of a panel that swings on hinges or that slides or rotates.
- Dumping: Dumping is a process where a company exports a product at a price lower than the price it normally charges on its own home market.
- Economics: Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand.
- Electrical: An aspect of building design and construction focusing on a source of power is electrical, it’s often used to provide light, heat buildings, or power on devices such as computers.