The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. Delayed maintenance contributes to a building’s loss in value.
The party responsible for managing the property on behalf of the owner. This is sometimes the same as the leasing agent.
A group of properties that would be alternatively competitive to a given typical buyer.
Features of the marketplace, including (but not limited to) relative rental costs, interest rates, demographics, employment levels, vacancy rates and absorption levels.
The price a buyer, willing but not compelled to buy, would pay. Also known as the lowest price a seller, willing but not compelled to sell, would accept.
Meeting of the Minds
Mutual assent or agreement among the parties to a contract regarding the substance of the contract. If the parties by their words and acts manifest an intention to be bound to a contract, they can be held accountable.
In a mortgage deal, the party who receives and holds a mortgage as security for a debt; the lender; a lender or creditor who holds a mortgage as security for payment of an obligation.
The one who provides a mortgage as security for a debt; the borrower; usually the landowner, though it could be the owner of a leasehold estate; the borrower or debtor who hypothecates or puts up his or her property as security for an obligation.