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To prelease a property refers to the securing of tenants before the premises is ready for occupancy.
This can be the case even when the property has not even been completely built.
Sometimes banks might even make prelease a condition for approving a mortgage for investment property.
For example, a risky multi-family building might be deemed as too much risk unless it already has a certain percentage of occupancy commitments.
This is as opposed to lease which refers to securing tenants with a house that’s ready for tenants to inhabit.
And while it is related to the term lease, it is not related to the word release.