Property Management
Under Ohio commercial leasing, a 'build-to-suit' development means:
AThe tenant designs and builds the building, then sells it to the landlord
BThe landlord constructs the building to the tenant's specific requirements under a long-term lease commitment✓ Correct
CThe municipality subsidizes construction costs for qualified tenants
DThe tenant builds and owns the improvements under a ground lease
Explanation
In a build-to-suit (BTS) development, a developer or landlord constructs a building tailored to a specific tenant's needs. The tenant commits to a long-term lease before construction begins.
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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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