Under Construction
When construction has started but the
Certificate of Occupancy has not yet been
issued.Under Contract
A property for which the seller has accepted the buyer's offer to purchase
is referred to as being "under contract".
Generally, the prospective buyer is given a
certain period of time in which to perform its
due diligence and finalize financing
arrangements. During the period of time the
property is under contract, the seller is
precluded from entertaining offers from other
buyers.
Unencumbered
Describes title to property that is free of
liens and any other encumbrances. Free and
clear. See also "Encumbrances".
Unimproved Land
Most commonly refers to land without
improvements or buildings but can also mean land
in its natural state. See also, "Raw Land".
Use
The specific purpose for which a parcel of land
or a building is intended to be used or for
which it has been designed or arranged.
Usable Square Footage
Usable square footage is the area contained within the demising walls of
the tenant space. Total usable square footage
equals the net square footage x the circulation
factor. Also see: Circulation Factor and Net
Square Footage.
