Real Estate Glossary

A chronological summary of proceedings and recorded instruments on the title of a particular property.

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Air Rights

The right to use or control (i.e. add or transfer square footage to a structure ) of the space above a specific property. “Buildable” rights are directly determined in accordance with public need and/or the city Zoning rules and regulations. Landowners of contiguous properties may rent, sell, or lease “air rights” to each other for an agreed upon negotiated price.


Features, or benefits, that enhance the value of a property and are to the benefit to owners or residents who reside in, or use space, in the property.


The payment of principal on a liability (including on a mortgage), or the amount of write-off of a non-depreciable asset over the specific scheduled term of years.


An estimate of the value of a property. In the case or an apartment, generally an appraisal is made by comparing a subject apartment to comparable units recently sold in the same building or to units recently sold in other similar buildings in the same neighborhood. An appraisal is generally prepared by an independent expert (a certified appraiser) and is often used for estate related purposes or prior to setting asking prices for a sale of the property. An appraisal is often also prepared on behalf of banks for the purpose of evaluating a property for a mortgage. The purpose of having an appraisal is to insure that the property, which is security for the loan, has an adequate market value to meet the bank requirements.


An independent expert who renders an opinion of value.


Typically referring to the amount billed (as a one time payment or payable over a prescribed period of time) by a Board of Directors or Managers for the purpose of paying for a capital improvement or increasing the amount of funds in the Reserve Fund of a Coop or Condo.


The process by which a contract, lease or right is transferred from one party to another. The term is often used to describe the process of assigning one’s primary lease to that of a second party until the end of the term of the lease. Assigned contracts can also include deeds of trust and mortgages.

Attended Elevator Service

A building amenity provided in some PreWar buildings whereby a building employee manually operates an elevator for the building’s residents. This service is generally provided on a full-time basis. In certain buildings, this employee provides full-time security for the residents as building access is controlled remotely from a video intercom system.

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Buchbinder & Warren Realty Group LLC.
1 Union Square West
Suite 803
New York, NY 10003
Direct: (212) 243 2200
Fax: (212) 645 6881