Property Management
In South Dakota, a commercial tenant's 'CAM charges' (common area maintenance) include:
AOnly janitorial services for the tenant's leased space
BThe tenant's proportionate share of maintaining shared areas like parking lots, lobbies, and exterior grounds✓ Correct
COnly capital improvements approved by the landlord
DAll maintenance costs regardless of whether they benefit the tenant
Explanation
CAM charges are the tenant's pro-rata share of costs to maintain common areas (parking lots, lobbies, landscaping, etc.) shared by all tenants in a commercial building or shopping center.
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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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