The Real Estate
Encyclopedia: F-J

Forbearance is a temporary agreement between a lender and a borrower that allows the borrower to reduce, suspend, or postpone some or all mortgage payments for a limited period when they are experiencing financial hardship. Forbearance does not eliminate the amount...

Imagine a world in which an accepted offer on a property is not legally binding, and either the seller or buyer can pull out of the accepted offer just for fun. This world is not so imaginary if you're in England or Wales, where an accepted offer on a home is...

Fractional or Severed Wind Rights refer to the ownership or control of the right to develop, lease, or receive income from the wind resources over a parcel of land when those rights have been divided from the ownership of the surface estate. In some areas,...

Interim occupancy is a period during which a purchaser is permitted to occupy a property before legal title is formally transferred. Most commonly associated with newly constructed condominiums, interim occupancy begins when the unit is ready for possession but the...

FAR stands for Floor Area Ratio (sometimes called FSI, or Floor Space Index). This ratio tells you how much you’re allowed to build on a parcel of land; it’s a ratio that compares the total floor space in a building to the size of the plot it sits on. It’s pretty...

Horizontal improvements are the physical infrastructure components installed on a parcel of land to prepare it for development and occupancy prior to vertical construction. Unlike vertical improvements, which refer to buildings and above-ground structures, horizontal...

A Guaranteed Maximum Price (GMP) is a construction contract arrangement in which a contractor agrees to complete a project for a price that will not exceed a specified maximum amount, except in cases involving approved scope changes or unforeseen conditions defined...

A form-based code is a land development regulation system that emphasizes the physical form, design, and spatial relationship of buildings and public spaces rather than strictly separating land uses through conventional zoning categories. Unlike traditional zoning...

A flag lot is a parcel of land characterized by an irregular shape in which the main buildable portion of the property is set back from the public street and connected to it by a long, narrow access strip. The configuration resembles a flag attached to a pole, with...

Fee simple absolute is the highest and most complete form of property ownership recognized under modern real estate law. It grants the owner full possessory rights to the property for an indefinite duration, including the rights to occupy, use, sell, lease, transfer,...