Are you beginning the process of looking for affordable office space in Kansas City? The real estate rental process can be full of unfamiliar jargon. Here are some basic terms and definitions you might want to be aware of:
- A-2 Survey: A legal survey of the measurements of the boundaries of a property, its area, and even its topography. The survey might also include fencing, utility feeds, easements, encroachments, etc. Often this document is required by mortgage holders and is stamped by a licensed land surveyor.
- Acre: a measurement of land in any shape that is equal to 43,560 square feet.
- Add on Factor: a generally accepted definition that describes the percentage of square footage added on to the base square footage of floor area to account for common areas of a building that are used by all tenants.
- Assignment: A transfer to another party of any real or personal property or of any rights or estates in that property. Typically assignments are of mortgages, leases, deeds, or trust, but the term can be used to describe any transfers to title.
- Base Rent: The rate determined for the commencement of the lease. This might be subject to yearly increases unless the tenant negotiates otherwise in the lease, Addendum, or an attached amendment. This phrase can have different meanings for different landlords. In some markets, landlords might use it to refer to the rental rate per square footage minus operating expenses.
Check back for later posts on more real estate terms to know!
To find out more about some available office space in Kansas City, give Southcreek a call at 913-685-4100, and find out about the benefits of renting with us!