Legally revising the provisions, terms or conditions of a contract.

This fixed rate mortgage expires at pre-established times, which allows for renegotiation of the terms of the mortgage. Also referred to as a rollover mortgage, this mortgage comes due in a balloon payment, which may be paid or refinanced at current rates.

A right without any obligation, of a tenant to continue a lease at a specified term and rent.

General term to cover changes and upgrading of an existing property.

Total amount expended to change or upgrade an existing property.

Amount paid from a tenant to a landlord for the use of property.

Policy covering any loss of rent or rental value in the event that damage renders the property uninhabitable.

Floor space in a building that is actually under lease and able to be rented to tenants. Non-leasable space would be hallways, building foyers, areas devoted to utilities, elevators, etc. Also referred to as net leasable area.

Business that aids a tenant in finding the best rental property or a landlord to find a good tenant.

Discounts and reduction in rental charges to attract new tenants or to keep present ones. Concessions may also be in the form of some free rental or a large allowance to adapt the space to the needs of the tenant. High occupancy will induce a large retailer to relocate or a bank to offer better financing.

A lease. A contract providing for the payment of rent by the lessee to the lessor, for the use of real property for a stated time period.

Periodic charge for each rental unit for a specified period of time.

Valuation of the worth of a rental property by considering the net income derived from the property and a capitalization rate.

Model based on an assumption that space should be controlled by the activity that offers the highest bid. Maximizes usefulness.

Governmental policy, which governs the rate that may be charged to tenants for space rented.

That portion of the term of a lease where no rent is required, usually as part of a concession.

Lease provision, which allows the landlord to raise the rental rate to account for inflation or higher interest rates.

Method used to compute the price of an income-producing property by dividing the asking or market price of the property by the current gross rental income. If the current gross rental income is $30,000 and the asking price is $300,000, the gross income multiplier is 10. Also referred to as Gross Rent Multiplier.

List of tenants including the lease rent and lease expiration date.

Amount of time needed to fully occupy newly constructed properties.

Policy for renters, which covers their possessions.

Real estate owned. Property acquired by a lender, through foreclosure, which is held as inventory.

The changing of the market appeal of a property.