Property Management
In Ohio commercial leasing, a 'tenant improvement allowance' (TIA) is:
AA rent reduction granted to tenants who make improvements
BFunds provided by the landlord to help the tenant build out or customize their leased space✓ Correct
CA credit applied to the tenant's security deposit
DAn insurance payment for tenant-caused damage
Explanation
A TIA is money provided by the landlord to help a commercial tenant fit out the space to their needs. It is a common inducement in commercial leasing negotiations and is often calculated per square foot.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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