Vocabulary: Chapter 15-Leases Flashcards Preview

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Flashcards in Vocabulary: Chapter 15-Leases Deck (26)
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1

Actual Eviction

The legal process that results in the tenant's being physically removed form the leased premises

2

Assignment

The transfer in writing of interest in bond, mortgage, or lease

3

Constructive eviction

Actions of the landlord that so materially disturb or impair a tenant's enjoyment of the leased premises that the tenant is effectively forced to more out and terminate the lease WITHOUT LIABILITY FOR FURTHER RENT

4

Estate at sufferance

The tenancy of a lessee who lawfully comes into possession of a landlords real estate but who continues to occupy the premises improperly after his or her lease rights have expired. (Deadbeat tenant)

5

Estate at will

An estate that gives the lessee the right to possession until the estate is terminated by either party: The term of this estate is indefinite (Will it to end)

6

Estate for years

An interest for a certain exact period of time in property leased for a specified consideration (IE summer rental)

7

Estate from period to period

An interest in leased property that continues from period to period- week to week, month to month, year to year

8

gross lease

A lease of property according to which a landlord pays ALL property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operation expenses. Most residential leases are this. FLAT RATE FEE

9

ground lease

A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Usually long term

10

holdover tenancy

A tenancy whereby a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant's continued occupancy as defined by state law

11

lease

A written (1yr or more) or oral contract (less than 1 yr)-Statute of Frauds: between a landlord and tenant that transfers the right to exclusive possession and use of the real property for a specified period of time for a stated consideration.

12

leasehold estate

A tenants right to occupy real estate during the term of a lease, generally considered to be a personal property interest

13

lease purchase

purchase of real property, the consummation of which is preceded by a lease, usually long term, that is typically done for tax or financing purposes

14

lessee

Tenant, receives right to occupy real property

15

lessor

Landlord, grants right to occupy real property for consideration

16

month to month tenancy

periodic tenancy under which the tenant rents for one month at a time. In absence of a written lease, tenancy is usually considered month to month

17

net lease

lease requiring the tenant to pay not only rent, but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs

18

nondisturbance cause

mortgage clause stating that the mortgagee (bank) agrees not to terminate the tenancies of the lessees in the event the mortgagee(Bank) forecloses on the mortgagor-lessor's (Landlord) building

19

percentage lease

Commercial property lease whose rental is based on the gross sales of the premises. Usually stipulates a base monthly rent + % of gross sales above a certain amount

20

purchase option

Granting the lessee the option to purchase the leased premises. Normally gives the tenant the right to purchase the property at a predetermined price within a certain period, possibly the lease term

21

renewal option

A clause in a lease that grants the lessee the privilege of renewing the lease

22

reversionary right

the return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease

23

right of first refusal

A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party

24

sale and leaseback

A transaction in which an owner sells his or her improved property and, as part of the same transaction, signs a long term lease to remain in possession of the premises

25

security deposit

A payment by a tenant, held by the landlord during the lease term, and kept on default, or on destruction of the premises by the tenant

26

sublease

Leasing of premises by a lessee to a third party for part of the lessee's remaining term. NOT THE SAME AS ASSIGNMENT