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Sep 11, 2024 · A “major capital improvement” (MCI) usually means your rent is going up at your rent-stabilized or rent-controlled New York City apartment. But thanks to changes in the law, the increase is now capped at just a couple of percentage points.
An MCI is an improvement or installation that improves the overall condition of a building that is subject to the rent stabilization or rent control laws. The verified costs of an MCI can be passed onto rent regulated tenants through a temporary increase to their monthly rent.
- Absorption: Often reported as a property’s absorption rate, an absorption is the amount of units or inventory of a particular type of commercial property that was occupied in a given market within a specified time period (usually not exceeding one year).
- Addendum: An addendum in real estate is a piece of additional information covering certain circumstances of a transaction and it is often added to a form contract as an attachment before execution of the contract or during escrow.
- Adjustable-Rate Mortgage (ARM): ARM refers to an instrument that allows real property to be used as collateral for a promissory note, which must specify interest rates and how they are expected to change from time to time.
- Amortization: Amortization is a process of using regular payments or installments to pay off debts, for example, a mortgage, over an agreed period of time.
Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
Black’s Guide’s Glossary of Real Estate Terms provides a complete reference dictionary of terms and phrases used in the commercial real estate industry. These definitions have been endorsed by numerous industry organizations as the Market Standard for their respective regions.
People also ask
What is an MCI & how does it work?
How can a MCI be passed onto a rent regulated tenant?
How long after a rent increase can a MCI be removed?
How do I collect a temporary rent increase for an MCI?
What does CCIM stand for in real estate?
What does CPI stand for?
Dec 19, 2022 · What is a Major Capital Improvement (MCI)? Major capital improvements, on the other hand, are when landlords are looking to make improvements throughout the entire building. These types of improvements can include replacing the boiler, repairing the roof, or replacing the plumbing system throughout the building.
