A Certificate of Occupancy (C/O) is a legal document issued by a local government agency or building department certifying that a building complies with applicable building codes and is safe for occupancy.
Preleasing involves obtaining lease commitments for a property prior to its availability for occupancy, often required for securing permanent mortgage financing.
Tenancy refers to the right of possession of real property, which can relate to both ownership and occupancy. It includes various forms such as tenancy in common and joint tenancy.
Tenure refers to the nature of an occupant's ownership rights and indicates whether one is an owner or a tenant. It is a critical factor in real estate, providing insights into housing markets and property management.
Variable expenses are property operating costs that change in relation to the level of occupancy or usage of a rental property. These expenses are crucial in property management for adapting to fluctuating income levels.
