Summit County real estate glossary
 
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Summit County Real Estate Glossary U
From Under Construction, Unencumbered, Unimproved Land, to Use

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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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Barrie Stimson
LIV Sotheby's International Realty
101 S. Main Street
P.O. Box 2619
Breckenridge, CO 80424

Email: barrie@go2breck.com

Direct Line: 970-390-2560
 
 
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