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Real Estate Dictionary

What is a lease-up in multifamily?

A "lease-up" refers to the process of renting out units in a new or significantly renovated apartment building. The lease-up phase involves attracting and securing tenants to achieve either full occupancy or an occupancy level that makes the property financially viable.

January 26, 2024

What is zoning reclassification?

Zoning reclassification is the process of changing a property's zoning designation to align with evolving urban development needs. It involves application procedures, public input, and local authority approvals.

January 26, 2024

What types of improvements are considered capital expenditures in real estate?

Capital expenditures are major investments like structural renovations, system upgrades, and technological enhancements that significantly improve a property's value and functionality over the long term.

January 26, 2024

What is R&M in real estate?

R&M refers to Repairs and Maintenance, and involves both repairing damages and performing routine upkeep to maintain a property's value, safety, and appeal.

January 26, 2024

What is a stacking plan?

In commercial real estate, a stacking plan is a diagrammatic representation showing how spaces within a building, such as an office tower or a multi-tenant industrial complex, are occupied or allocated.

January 26, 2024

What are pass throughs in real estate?

Pass-through expenses are operating costs like maintenance and taxes that landlords charge to tenants, varying based on the lease type—either added to, included in, or partially covered by the base rent.

January 26, 2024

Can landlords charge a lease renewal fee?

Landlords may charge a lease renewal fee depending on the lease agreement and local laws, but it must be transparently communicated, reasonable, and in compliance with specific regional regulations.

January 26, 2024

What is an index lease?

An index lease in real estate is a lease agreement where the rental amount is adjusted periodically based on a specific index, typically the Consumer Price Index, to align with changes in the cost of living.

January 26, 2024

What is Fannie Mae Form 30?

Fannie Mae Form 30, or the Verification of Employment (VOE) form, is used by lenders to verify a borrower's employment and income details, facilitating loan approval and compliance with Fannie Mae's underwriting guidelines.

January 26, 2024

What is a HUD 221d4 loan?

The HUD 221(d)(4) loan provides favorable, long-term financing for the construction and rehabilitation of multifamily housing, with FHA insurance, aimed at supporting affordable housing projects.

January 25, 2024
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