takeoff

Definition

In construction and real estate, the detailed process of measuring and quantifying all materials needed for a project from blueprints, basically turning drawings into shopping lists. Also known as "quantity takeoff," it's the unglamorous math that prevents contractors from discovering mid-project that they're three truckloads of concrete short. Get it wrong, and someone's explaining cost overruns to very angry people.

Example Usage

The estimator spent three days doing the takeoff for the office building, only to discover the architect had changed the specs the night before.

Source: Construction industry terminology

Related Terms

Advanced

1031 exchange

A tax-deferral strategy allowing investors to sell a property and reinvest the proceeds into another 'like-kind' property without immediately paying capital gains taxes. It's the IRS-approved version of kicking the can down the road.

🏠 Real Estate

Intermediate

exclusive right to sell

A listing agreement guaranteeing the agent gets paid commission regardless of who finds the buyer—even if it's you. It's the real estate equivalent of a no-compete clause, except you're competing against yourself.

🏠 Real Estate

Intermediate

option

In real estate and finance, a contract that gives you the right but not the obligation to buy or sell something at a predetermined price, essentially letting you call dibs with an expiration date. It's like having a golden ticket to purchase property or assets later while everyone else has to deal with current market chaos. The ultimate "let me think about it" that actually has legal teeth.

🏠 Real Estate

Advanced

co-tenancy clause

A retail lease provision letting tenants break the lease or pay reduced rent if an anchor store closes or occupancy drops below a threshold. It's the commercial tenant's escape hatch from a dying mall.

🏠 Real Estate

Intermediate

commingling

The illegal practice of mixing client funds (like earnest money) with personal or business operating accounts, a violation that can cost real estate agents their licenses. It's the financial equivalent of inviting the state licensing board to audit your worst decisions.

🏠 Real Estate

Beginner

Walkthrough

The final tour of a home before closing where you discover all the things that broke between the inspection and now. It's supposed to be a formality but often turns into a horror movie.

🏠 Real Estate

Translate This Term

See “takeoff” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.

Try the Translator

Share This Term

Post on X Share on Facebook Share on LinkedIn

Discover a Term

Intermediate

Contraindicated

A medical way of saying "do not mix these things unless you enjoy chaos," like taking certain medications with grapefrui...