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north carolina real estate glossary

NC Charlotte Homes & Carolina Real Estate Glossary U
From Under Construction, Unencumbered, Unimproved Land, to Use

Return to the Real Estate Glossary

Under construction - The time between when the building of a structure commences to the time the certificate of occupancy is issued.

Unencumbered - Real property that is free and clear of liens or any other encumbrances.

Unimproved land - Real property without any improvements or buildings, but also can mean land in its natural state.

USA PATRIOT Act - The acronym for legislation passed in 2001 that substantially amends the Bank Secrecy Act of 1970. The Act's far-reaching scope covers a broad range of financial activities and institutions, especially in verifying the identity of individual depositor's and clients.

Usable square footage - The area contained within the tenant space's demising walls that is equal to the net square footage multiplied by the circulation factor.

Use - The specific purpose for which a piece of land or a building is intended, designed or arranged to be used. That enjoyment of real property which consists in its employment, occupation, exercise or practice.

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