A warehouse is a very large building, usually in a commercial property area, that is used to store goods that are to be distributed to various locations at a later date. Retailers, exporters, importers and manufacturers all use a warehouse at some point.
Comparables, also known as comparable properties, are certain properties that are similar enough to a specific property that they can be used in that property’s appraisal process. Aspects the properties have in common are compared such as size, location and proximity to amenities.
A registrar is someone who is charged with the duty of keeping records. Some may also have the added responsibility of ruling on the acceptability of certain documents put forward for registration.
The term broker refers to a person who performs the duties of a mediator between a buyer and a seller when a sale or transaction is being negotiated. Depending on the deal being negotiated a broker may charge a fixed rate or take a commission.
Energy efficient is a general term that refers to trying to save energy and use it in the most efficient way. With regards to a property this could mean installing solar panels, insulation or even double glazing in an effort to conserve energy and use renewable sources of power.
Direct costs are costs related to a property that can be directly linked to the improvement of the property, costs such as materials, labour and equipment. Can also be known as ‘hard costs’.
The term deed restriction is used when there is a clause in a deed that limits the use of or excludes certain activities being allowed on a property. For example, prohibiting the construction of a road through the property.
A firm offer is one that is made where there is little or no room for negotiation, an offer such as this usually specifies the period of time it is available for and all other relevant factors such as the price the buyer is willing to pay.
Encroachment is when one property’s improvements or additions extend across the property boundary line into another property. An encroachment into your property can be challenged in a legal manner and you should have full legal use of your property restored.
The term distressed property refers to a property that has to be sold in an effort to recover any unpaid debt owing to the lender. This happens when a borrower is in arrears and has been unable to keep up with the bond repayments.