As-is condition

The acceptance by the tenant of the existing condition of the premises at the time a lease is consummated, including any physical defects.

Asking (list) price

The price placed on a property for sale.

Assessed value

The valuation placed on property by a public tax assessor for purposes of taxation.

Assessment

The placing of a value on property for the purpose of taxation.

Assessor

A public official who establishes the value of a property for taxation purposes.

Asset

Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.

Asset management

The various disciplines involved with managing real property assets from the time of investment through the time of disposition, including acquisition, management, leasing, operational/financial reporting, appraisals, audits, market review and asset disposition plans.

Asset management fee

A fee charged to investors based on the amount invested into real estate assets for the fund or account.

Asset turnover

Calculated as total revenues for the trailing 12 months divided by the average total assets

Assets under management

The current market value of real estate assets for which a manager has investment and asset management responsibilities

Assignee

A person to whom a property right is transferred. For example, an assignee may take over a lease from a tenant who wants to permanently move out before the lease expires. The assignee takes control of the property and assumes all the legal rights and responsibilities of the tenant, including payment of rent. However, the original tenant remains legally responsible if the assignee fails to pay the rent.

Assignee name

The individual or entity to which the obligations of a lease, mortgage or other contract have been transferred

Assignment

When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.

Assumable mortgage

A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.

Assumption

The term applied when a buyer assumes the seller’s mortgage.

Attorn

To agree to recognize a new owner of a property and to pay him/her rent.

Average common equity

Calculated by adding the common equity for the five most recent quarters and dividing by five.

Average downtime

Expressed in months, the amount of time expected between the expiration of a lease and the commencement of a replacement lease under current market conditions.

Average free rent

Expressed in months, the rent abatement concession expected to be granted to a tenant as part of a lease incentive under current market conditions.

Average occupancy

The average occupancy rate of each of the preceding 12 months.

Average total assets

Calculated by adding the total assets of a company for the five most recent quarters and dividing by five.

Balloon mortgage

A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.

Balloon payment

The final lump sum payment that is due at the termination of a balloon mortgage.

Balloon risk

The risk that a borrower will not be able to make a balloon (lump sum) payment at maturity due to a lack of funding.

Bankrupt

The state of an entity that is unable to repay its debts as they become due.

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Glossary by Run Digital