Leases Flashcards
Assignment
The transfer of rights and interest in property from one person to another. Ex: assignment of a purchase and sale agreement or a mortgage.
Actual Eviction
Legal process where the landlord forces the tenant to vacate the premises ( as opposed to constructive eviction ).
Constructive Eviction
Action by landlord that makes it impossible to remain and therefor effectively terminates the tenancy ( As opposed to actual eviction )
Demise
Conveyance of an interest in real estate for specific period of time as in rent or lease.
Descent
Acquisition of an estate by means if inheritance. ( Without a will )
Devise
Transfer of property by means of a will. The owner ( divisor ) transfers to the recipient ( divisee ).
Escalated Lease
Lease where the payment vary up or down with certain conditions such as a change in expenses. ( taxes, insurance, utilities ) or late payments.
Estate for term
(Also known as the estate for years )Tenancy for a specific period of time Can be less than a year
First right of refusal
Right to have the first chance to purchase or lease a piece of property may or may not specify additional terms such as price
Gross lease
A lease where the tenant ( leasee ) pays fixed rental amount and the landlord (lessor )pays all expenses (also known as flat lease)
Freehold estate
An estate for an indefinite period of time ( as compared to a non-freehold or lease Estate).
Graduated lease
a lease where the amount of rent increases over the term of the lease
Ground lease
A lease for the land alone. separate the ownership of the land and the buildings. when the leasee constructs a building it remains the leasees property. usually long-term net lease also known as a” land lease”
Hold over tenancy
A person who remains after a tenancy has ended. See tenant at sufferance
Index lease
A lease that provides for an adjustment in rent based on changes to some index such as the consumer price index
Lease
An agreement( writen or verbal )between an owner( lessor) and a tenant ( leasee) to grant the exclusive right of occupancy to real property. For a specific period of time
Lease option
A clause in a lease that gives the tenant the right to buy the property under certain conditions.
Lease purchase
A transfer of ownership that begins as a lease that ends with the purchase of the property by the leasee
Lease Fee estate
The estate or rights the lessor has leased to the leasee
Leasee
The tenant in a landlord( lessor )and tenant ( leasee) relationship
Lessor
The landlord in a landlord( lessor )and tenant( leasee) relationship
Net lease
A lease where the leasee ( tenant ) pays a fixed rent plus other expenses.( Also known as triple net on tenant pays taxes insurance and other operating expenses.)
Non-freehold estate
An estate for a definite period of time: a lease( as compared to a fee-hold estate as in a deeded transfer of title.)
Option
An agreement to keep an offer to purchase or to sell open for some period of time. The party agreeing to the option terms ( usually the seller ) is bound by the option but not the party making the option offer ( usually the buyer )
