Leases Flashcards Preview

Real Eastate > Leases > Flashcards

Flashcards in Leases Deck (44):
0

Actual Eviction

Legal process where the landlord forces the tenant to vacate the premises ( as opposed to constructive eviction ).

1

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.

2

Constructive Eviction

Action by landlord that makes it impossible to remain and therefor effectively terminates the tenancy ( As opposed to actual eviction )

3

Demise

Conveyance of an interest in real estate for specific period of time as in rent or lease.

4

Descent

Acquisition of an estate by means if inheritance. ( Without a will )

5

Devise

Transfer of property by means of a will. The owner ( divisor ) transfers to the recipient ( divisee ).

6

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.

7

Estate for term

(Also known as the estate for years )Tenancy for a specific period of time Can be less than a year

8

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

9

Gross lease

A lease where the tenant ( leasee ) pays fixed rental amount and the landlord (lessor )pays all expenses (also known as flat lease)

10

Freehold estate

An estate for an indefinite period of time ( as compared to a non-freehold or lease Estate).

11

Graduated lease

a lease where the amount of rent increases over the term of the lease

12

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"

13

Hold over tenancy

A person who remains after a tenancy has ended. See tenant at sufferance

14

Index lease

A lease that provides for an adjustment in rent based on changes to some index such as the consumer price index

15

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

16

Lease option

A clause in a lease that gives the tenant the right to buy the property under certain conditions.

17

Lease purchase

A transfer of ownership that begins as a lease that ends with the purchase of the property by the leasee

18

Lease Fee estate

The estate or rights the lessor has leased to the leasee

19

Leasee

The tenant in a landlord( lessor )and tenant ( leasee) relationship

20

Lessor

The landlord in a landlord( lessor )and tenant( leasee) relationship

21

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.)

22

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.)

23

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 )

24

Percentage lease

A lease with the amount of rent for a period of time is based on a percentage of sales for that.

25

Tenancy from period to period.

A form of Tenancy that is less than freeholds and has no specific End date. Renews at the end of each period Until one of the parties takes action to end the tendency.

26

Rent

The fixed periodic Payment by the leasee to the lessor for the use of the leased property

27

Right of possession

The right of the leasee to occupy the leased property

28

Revisionary rights

The rights remaining with the grantor when less then fee simple to transferred to a grantee example life estate

29

Sale and lease back

Property owners sells a piece of property and as part of the same transaction leases it back and keeps the right to occupy. Often use for accounting and tax purposes

30

Sandwich Lease

A lease where a tenant in Lessor-leasee relationship leases to a third-party

31

Security deposits

A payment by a tenant to a landlord to be held as insurance against the default or damage to the property by the tenant

32

Step up lease

Same as graduated lease
A lease where the amount of rent increases over the term of the lease

33

Straight lease

See gross lease
A lease where the tenant ( leasee ) pays a fixed rental amount and the landlord (Lessor )pays all the expenses ( also known as Flat Lease )

34

Sublet

A lease given by a leasee for a part of the premises or part of the time with the leasee retained some interest. Transfer of the total lease is in assignment

35

Tenancy at sufferance

A form of tenancy when the tenant remains after the legal tendency is over

36

Tenancy at will

A form of tenancy with no Specific duration that can be terminated at anytime by either party. Can be written or verbal. In Massachusetts either party must give 30 day minimum notice as of the rent due date

37

Tendency for years

A form of tenancy that is less than freehold and has a set time with a specific end date. Can be for less than a year

38

The property to whom real property is rented ( leasee )

Tenant

39

Term

The length of time or duration of a lease

40

Lease where tenant pays rent plus taxes insurance and other maintenance expenses. Technically redundant as net lease means the same but emphasize the tenants payment of rent plus all expenses

Triple net lease

41

Improper use or abuse of property by one in possession; such as tenant

Waste

42

Types of leasehold Estates or tenancies

1 estate / tenancy for years
2. Estate / tenancy from period to period
3. Estate / tenancy at will
4. Estate / tenancy at sufferance

43

Types of leases

1. Gross lease
2. Net lease
3. Percentage lease
4. Graduated lease