Site visit or inspection is an essential part of the decision-making process in the real estate industry. Sometimes the key persons, partners, and/ or clients cannot personally make it to the site. Therefore, other parties, such as Realty BNB are hired to do this process. Site visits benefit decision makers by providing them with personalized and authentic information which can be documented in an organized manner for later reference.
Base shell is a form of shell lease in a commercial or residential building with an unfinished interior. It lacks an HVAC system as well as other basic lighting, plumbing, and ceiling fixtures, which are not undertaken by the landlord as they are deemed unnecessary from his end. A base shell is basically ready for work and improvements from the tenant’s side once the lease agreement is executed.
This term refers to the built-up area and includes common spaces of the building like the lobby, corridors, clubhouse, elevators, and staircases. It usually amounts to 25% more than the built-up area.
Carpet area is the actual usable space of the property and is measured from the inner side of one wall to another. This includes bathrooms, restrooms, balcony, and steps inside the property.
It is the proportion of a building’s rentable area and does not take into account super area (common spaces occupied by elevators, lobby, stairs, etc.)
PLC stands for Preferential Location Charge. It is a charge taken to book a unit, which has a better location within a particular area or neighborhood. PLC is generally charged on the super area and not on the carpet area. PLC changes depending on the grade or quality of construction or the floor on which the property is located. PLC will be higher for a larger property.
CAM or Common Area Maintenance charges are billed to tenants as a form of additional rent. It is charged in addition to base rent and includes maintenance fees for the service of common spaces of the property. Each occupant pays CAM charges on a pro rata basis depending on the square foot of area rented by them.
Lock-in period is the period during which the buyer cannot sell the property to anyone else to gain profit. This is mentioned in the agreement signed between the contracting parties and within this period none of the parties can terminate the contract.