Bullas

REAL ESTATE

Bullas

definition

CONTRACTOR 

Contractor legal definition of contractor

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contractor

n. 1) a person or entity that enters into a contract. 2) commonly, a person or entity that agrees to construct a building or to provide or install specialized portions of the construction. The party responsible for the over-all job is a “general contractor,” and those he/she/it hires to construct or install certain parts (electrical, plumbing, roofing, tile-laying, etc.) are “subcontractors,” who are responsible to the general contractor and not to the property owner. An owner must be sure that the subcontractors are paid by the general contractor by demanding and receiving proof of payment, or the subcontractor will be entitled to payment from the owner based on a mechanics lien against the property. (See: contract, independent contractor, subcontractor)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

contractor

a person who is a

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COMMERCIAL REAL ESTATE 

Commercial Real Estate: Definition, Impact, REITs

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Commercial real estate is any property owned for the purpose of producing income. There is about $6 trillion worth of commercial real estate in the United States. Here are the five largest categories of commercial real estate.

  1. Retail includes indoor shopping malls, outdoor strip malls, and big box retailers. It also includes grocery stores and restaurants. Its value is around $2.1 trillion or 36 percent of the total value of commercial real estate. It consists of at least 9.5 billion square feet of shopping center space.
  2. Hotels include motels, luxury resorts, and business hotels. This category does not include homes that rent out rooms through Airbnb. There are roughly 4.4 million hotel rooms worth $1.92 trillion.
  3. Office buildings include everything from Manhattan skyscrapers to your lawyer’s office. There are roughly 4 billion square feet of office space, worth around $1.7 trillion or 29 percent of the total.

  4. Apartment buildings are
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CONDO 

Condominium Definition

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What Is a Condominium?

A condominium is a large property complex divided into individual units and sold. Ownership usually includes a nonexclusive interest in certain “community property” controlled by the condominium management. Condominium management is usually made up of a board of unit owners who sees to the day-to-day operation of the complex, such as lawn maintenance and snow removal.

Key Takeaways

  • A condominium, more commonly known as a condo, is a property complex that is owned by an individual. Residential highrises are an example of condos.
  • A condo owner owns the air space inside their condo, sharing an ownership interest in the community property, such as the floor, walls, sidewalks, stairwells, and exterior areas. 
  • A general requirement of a condo owner is monthly payments to a Homeowner’s Association (HOA), which is in charge of property upkeep.
  • The main difference between an apartment and a condo is ownership, where an
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CONDO 

definition of condo by The Free Dictionary

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con·do

 (kŏn′dō′)

n. pl. con·dos Informal

A condominium.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

condo

(ˈkɒndəʊ)

n, pl -dos

(Building) a condominium building or apartment

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

con•do•min•i•um

(ˌkɒn dəˈmɪn i əm)

n.

1. an apartment house, office building, or other multiple-unit complex, the units of which are individually owned, with each owner receiving a deed to the unit purchased, including the right to sell or mortgage that unit, and sharing in joint ownership of any common grounds, passageways, etc.

2. a unit in such a building.

3.

a. joint sovereignty over a territory by several states.

b. the territory itself.

[1705–15; con-
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COMMERCIAL REAL ESTATE 

Commercial Real Estate Loan Definition

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What Is a Commercial Real Estate (CRE) Loan?

A commercial real estate loan is a mortgage secured by a lien on commercial property as opposed to residential property. Commercial real estate (CRE) refers to any income-producing real estate that is used for business purposes; for example, offices, retail, hotels, and apartments.

Key Takeaways

  • A CRE loan is a mortgage secured by a lien on a commercial property.
  • CRE loans are generally made to investors such as corporations or organizations that own and operate commercial real estate.
  • CRE loans are offered by banks, independent lenders, insurance companies, pension funds, private investors, and other capital sources, such as the U.S. Small Business Administration’s 504 Loan Program.
  • Lenders consider the nature of the collateral (the property being purchased), the creditworthiness of the borrower, and financial ratios when evaluating commercial real estate loans.
  • CRE loans tend to be more expensive than residential loans.

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CONTRACTOR 

Independent Contractor Definition

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What Is an Independent Contractor?

An independent contractor is a person or entity contracted to perform work for—or provide services to—another entity as a nonemployee. As a result, independent contractors must pay their own Social Security and Medicare taxes. In addition, the entity is not required to provide the contractor with employment benefits, such as health insurance, that they might otherwise be required to provide were the contractor an employee. The payer must correctly classify each payee as either an independent contractor or employee. Another term for an independent contractor is a freelancer.

Understanding Independent Contractors

Doctors, dentists, veterinarians, lawyers, and many other professionals who provide independent services are classified as independent contractors by the Internal Revenue Service (IRS). However, the category also includes contractors, subcontractors, freelance writers, software designers, auctioneers, actors, musicians, and many others who provide independent services to the general public. Independent contractors have become increasingly prevalent

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COMMERCIAL REAL ESTATE 

Commercial Real Estate (CRE) Definition

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What Is Commercial Real Estate (CRE)?

Commercial real estate (CRE) is property that is used exclusively for business-related purposes or to provide a workspace rather than as a living space, which would instead constitute residential real estate. Most often, commercial real estate is leased to tenants to conduct income-generating activities. This broad category of real estate can include everything from from a single storefront to a huge shopping center.

Commercial real estate includes several categories, such as retailers of all kinds, office space, hotels & resorts, strip malls, restaurants, and healthcare facilities.

Key Takeaways

  • Commercial real estate refers to properties used specifically for business or income-generating purposes.
  • The four main classes of commercial real estate include: office space; industrial; multi-family rentals; and retail.
  • Commercial real estate provides rental income as well as the potential some capital appreciation for investors.
  • Investing in commercial real estate usually requires more sophistication and larger
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CONTRACTOR 

definition of contractor by The Free Dictionary

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But when he got out at his own station, when he saw his one-eyed coachman, Ignat, with the collar of his coat turned up; when, in the dim light reflected by the station fires, he saw his own sledge, his own horses with their tails tied up, in their harness trimmed with rings and tassels; when the coachman Ignat, as he put in his luggage, told him the village news, that the contractor had arrived, and that Pava had calved,–he felt that little by little the confusion was clearing up, and the shame and self-dissatisfaction were passing away.
There is the Contractor, who is Providence to five hundred thousand men.
Mulvaney knew a contractor on one of the new Central India lines, and wrote to him for some sort of work.
“I’m my own contractor, my own carpenter, and my own bricklayer, and I shall be sixty-seven come
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