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Landlord Life
Landlording 101
Term | Definition |
---|---|
Residence | a place where a tenant lives |
Landlord | The company or individual who owns an apartment |
Tenant | A person who pays for the right to live in a residence owned by someone else |
Lease | a legal document that defines the conditions of the rental agreement between the tenant and the landlord |
Rent | A fee charged for the use of rental property |
Security Deposit | A sum of money usually equal to one month's rent, held by the landlord to cover any damage to the apartment caused by a tenant. |
Grace Period | The time after the payment due date when no fee is charged, usually 5 days. |
Home Inspection | A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. |
Walk Through | a final inspection of the property just prior to tenants move out |
Eviction | The legal process of removing a tenant from rental property |